WTI Crude Oil Forecast Sees Rise Above $92.50 According to Elliott Wave Analysis
The price of WTI crude oil is expected to rise according to an Elliott Wave analysis by LiteFinance. The forecast suggests that long positions can be considered from corrections above $92.50 with a target of $115.50, $125.50.
A buy signal will be triggered if the price holds above $92.50, while a stop-loss order should be placed below $91.00 for maximum profit. The alternative scenario suggests that a breakout and consolidation below $92.50 will allow the asset to continue declining to levels of $78.58, $67.00.
The analysis is based on the weekly chart, which shows a descending correction likely finishing as the second wave of larger degree (2) and an ascending third wave (3) forming. On the daily chart, the first wave of smaller degree 1 of (3) has formed, followed by a local correction as wave 2 of (3), with the third wave 3 of (3) unfolding.
This forecast is based on the Elliott Wave Theory and should be considered in conjunction with fundamental factors. It's essential to note that market situations can change at any time, and traders should not rely solely on this analysis for investment decisions.