WTI Crude Oil Set for Rise or Fall, Depends on Elliott Wave Breakout
The WTI Crude Oil price is expected to continue rising according to an Elliott Wave analysis. 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. The daily chart shows that the first wave of smaller degree 1 of (3) has formed, with a local correction completed as wave 2 of (3), and wave 3 of (3) starting to unfold.
On the H4 chart, wave i of 3 appears to be continuing, with wave (iii) of i unfolding as its part. If this analysis is correct, WTI will continue to rise to $105.17-$115.50. The level of $79.00 is critical in this scenario, as a breakout below it will enable the asset to continue declining to $67.00-$58.50.
This forecast is based on the Elliott Wave Theory and is not guaranteed to happen. When developing trading strategies, it's essential to consider fundamental factors, as the market situation can change at any time.