WTI Crude Oil: Elliott wave evaluation and forecast for 12.08.2022 – 19.08.2022

WTI Crude Oil: Elliott wave evaluation and forecast for 12.08.2022 – 19.08.2022

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Important state of affairs: think about lengthy positions from corrections above the extent of 88.40 with a goal of 103.85 – 115.90.

Different state of affairs: breakout and consolidation under the extent of 88.40 will enable the asset to proceed declining to the degrees of 83.77 – 69.28.

Evaluation: apparently, the primary wave of bigger diploma (1) continues creating on the every day chart, with wave 3 of (1) fashioned inside. A downward correction is presumably accomplished on the H4 chart because the fourth wave 4 of (1), with wave c of 4 developed as its half. Apparently, the fifth wave 5 of (1) began creating on the H1 chart, with the primary counter-trend wave of smaller diploma (i) of i of 5 forming as its half. If the presumption is right, the asset’s worth will proceed to rise to the degrees of 103.85 – 115.90. The extent of 88.40 is crucial on this state of affairs as a breakout will allow the value to proceed declining to the degrees of 83.77 – 69.28.



Value chart of USCRUDE in actual time mode

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