WTI Crude Oil Forecast: Rise to $115.50 or Decline to $50.00?

The author of this article provides an Elliott Wave analysis and forecast for WTI Crude Oil from August 7 to August 14, 2026.

Main scenario: the price is expected to continue rising after a correction above $67.00, with a target of $105.17-115.50. A buy signal would be triggered if the price holds above $67.00.

The analysis suggests that an ascending wave (3) is developing on the daily chart, with a downward correction 2 completed and wave 3 starting to form. On the H4 chart, wave i of 3 is still developing, with a local correction (ii) completed as part of its structure.

The level of $67.00 is critical in this scenario, as a breakout below it would enable the asset to continue declining to the levels of $58.50, $50.00.