WTI Crude Oil: Wave Analysis
| Scenario | |
|---|---|
| Time frame | Weekly |
| Recommendation | SELL |
| Entry point | 68.22 |
| Take Profit | 60.00, 51.75 |
| Stop Loss | 72.95 |
| The most important levels | 51.75, 60.00, 72.95, 78.85, 84.80 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry point | 72.97 |
| Take Profit | 78.85, 84.80 |
| Stop Loss | 71.00 |
| The most important levels | 51.75, 60.00, 72.95, 78.85, 84.80 |
There is still a possibility of a decline.
On the daily chart, the correction in the form of the second wave of the older level (2) is ongoing, within which wave C of (2) is being formed. At the moment, the third wave iii of C is developing, within which wave (iii) of iii has ended, the correction in the form of wave (iv) of iii has ended and the fifth wave of the younger level (v) of iii is ongoing. If the assumption is correct, the asset price will fall to the levels of 60.00–51.75. The critical stop-loss for this scenario is the level of 72.95.
Basic scenario
Short positions are currently below 72.95 with targets 60.00–51.75. Deadline: 7 days and more.
Alternative scenario
A breakout and stop of the price above the 72.95 level will enable the trading instrument to continue its upward momentum to the 78.85–84.80 level.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.