WTI CRUDE OIL: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 85.15 |
| Take Profit | 95.30, 101.00 |
| Stop Loss | 80.82 |
| Key Levels | 60.00, 67.00, 80.82, 95.30, 101.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 80.80 |
| Take Profit | 67.00, 60.00 |
| Stop Loss | 85.40 |
| Key Levels | 60.00, 67.00, 80.82, 95.30, 101.00 |
Growth is possible.
On the daily chart, the first wave of the higher level (1) ended, a downward correction formed as the second wave (2), and the third wave (3) started. Now, the first wave of the lower level 1 of (3) is developing, within which the wave v of 1 of (3) is forming. If the assumption is correct, the asset will grow to the area of 95.30–101.00. In this scenario, critical stop loss level is 80.82.
Main scenario
Long positions will become relevant above the level of 80.82 with the targets at 95.30–101.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 80.82 will let the asset go down to the area of 67.00–60.00.
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