WTI Crude Oil Sees Potential Rise to $125.50 as Elliott Wave Theory Predicts

A recent analysis of WTI Crude Oil using the Elliott Wave Theory suggests that the asset may continue to rise in the coming weeks. According to the theory, 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 weekly chart.

On the daily chart, it appears that the first wave of smaller degree 1 of (3) has formed, with a local correction completed as wave 2 of (3), and the third wave 3 of (3) unfolding. Wave i of 3 continues to form on the H4 chart, within which wave v of (iii) is unfolding.

The analysis predicts that WTI will continue to rise to $115.50-$125.50 if the assumption holds true. The level of $88.00 is critical in this scenario, as a breakout below it would enable the asset to continue declining to the levels of $79.30-$67.00.

The Elliott Wave Theory is used to develop trading strategies, but it's essential to consider fundamental factors, as the market situation can change at any time.