WTI Crude Oil Forecast Sees Continued Rise Through July 31

The Elliott Wave Theory analysis for WTI Crude Oil from July 24 to 31 predicts a continuation of the upward trend. The main scenario suggests that long positions should be considered from corrections above $79.67 with a target of $105.17-$115.50.

The weekly chart shows the formation of correction (2) of larger degree, while the daily time frame indicates the development of ascending wave (3). Within it, wave 1 of (3) and correction 2 of (3) have formed, with wave 3 of (3) starting to unfold.

On the H4 chart, wave i of 3 continues to develop, with wave (iii) of i unfolding as its part. If this presumption is correct, WTI will continue to rise to $105.17-$115.50.