WTI Crude Oil Eyes $115.50-$125.50 as Key Support Level Holds

The price of WTI Crude Oil is expected to continue rising, according to an Elliott Wave analysis by Alex Geuta. On the weekly chart, a descending correction has likely finished developing as the second wave of larger degree (2), and an ascending third wave (3) is forming.

On the daily chart, the first wave of smaller degree 1 of (3) has formed, a local correction has been completed as wave 2 of (3), and the third wave 3 of (3) is unfolding. Wave i of 3 is developing on the H4 chart; within it, wave (iii) of i is still unfolding.

The level of $90.60 is critical in this scenario, and a breakout below it will enable the asset to continue declining to the levels of $79.30, $67.00.