WTI Crude Oil: Elliott wave analysis and forecast for 31.05.24 – 07.06.24

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Main scenario: consider short positions from corrections below the level of 87.75 with a target of 67.60 – 57.00.

Alternative scenario: breakout and consolidation above the level of 87.75 will allow the asset to continue rising to the levels of 94.00 – 100.00.

Analysis: supposedly, a downward correction continues developing as second wave of larger degree (2) on the daily chart, with wave С of (2) unfolding as its part. Apparently, an ascending correction is completed as second wave of smaller degree ii of C on the H4 time frame, and the third wave iii of С started unfolding. Wave… Read full author’s opinion and review in blog of #LiteFinance

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