WTI Crude Oil: Elliott wave analysis and forecast for 12.05.23 – 19.05.23
Main scenario: consider short positions from corrections below the level of 73.95 with a target of 54.50 – 45.00.
Alternative scenario: breakout and consolidation above the level of 73.95 will allow the asset to continue rising to the levels of 83.95 – 94.00.
Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a bearish correction continues developing as second wave (2). Wave С of (2) is developing on the H4 chart, with a local correction completed as the fourth wave iv of C of (2) inside. The fifth wave v of C of... Read full author’s opinion and review in blog of #LiteFinance https://bit.ly/41x1YLd
