WTI CRUDE OIL: WAVE ANALYSIS

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WTI CRUDE OIL: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point81.93
Take Profit88.00, 94.00
Stop Loss78.80
Key Levels67.10, 73.77, 78.80, 88.00, 94.00
Alternative scenario
RecommendationSELL STOP
Entry Point78.75
Take Profit73.77, 67.10
Stop Loss80.43
Key Levels67.10, 73.77, 78.80, 88.00, 94.00

Growth is possible.

On the daily chart, the first wave of the higher level (1) formed, a downward correction ended as the second wave (2), and the third wave (3) develops. Now, the first wave of the lower level i of 1 of (3) is forming, within which the wave (iii) of i is developing. If the assumption is correct, the price of the asset will grow to the area of 88.00–94.00. In this scenario, critical stop loss level is 78.80.

WTI CRUDE OIL: WAVE ANALYSIS

WTI CRUDE OIL: WAVE ANALYSIS

Main scenario

Long positions will become relevant above the level of 78.80 with the targets at 88.00–94.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 78.80 will let the asset go down to the area of 73.77–67.10.

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