WTI Crude Oil: Elliott wave analysis and forecast for 13.10.23 – 20.10.23

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Main scenario: consider long positions from corrections above the level of 81.65 with a target of 102.00 – 110.00.

Alternative scenario: breakout and consolidation below the level of 81.65 will allow the asset to continue declining to the levels of 77.85 – 73.82.

Analysis: the first wave of larger degree (1) is presumably formed, a descending correction developed as second wave (2), and the third wave (3) started unfolding on the daily chart. The first wave of smaller degree 1 of (3) is presumably developing on the H4 chart, with wave iii of 1 forming inside. On the H1 chart, apparently, there’s wave (iii) of iii formed, a local correction completed as wave (iv) of iii, and wave (v) of iii forming. If the presumption is correct, the asset’s price will continue to rise to the levels of 102.00 – 110.00. The level of 81.65 is critical in this scenario as a breakout will enable the price to continue declining to the levels of 77.85 – 73.82.



Price chart of USCRUDE in real time mode

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