In this analysis, I’ve mapped out a potential Elliott Wave scenario for US Crude Oil (WTI) on the daily timeframe. We are currently seeing a complex corrective structure unfolding, characterized by a WXY pattern.
Key Levels to Watch:
Support: Around $60 (possible Wave B termination)Resistance: $120 (potential Wave X top)
Outlook:
Expect a potential move to the downside as Wave Y completes. This could present a strong selling opportunity if the scenario plays out as anticipated. However, be cautious of false breakouts and always manage risk effectively.
Key Levels to Watch:
Support: Around $60 (possible Wave B termination)Resistance: $120 (potential Wave X top)
Outlook:
Expect a potential move to the downside as Wave Y completes. This could present a strong selling opportunity if the scenario plays out as anticipated. However, be cautious of false breakouts and always manage risk effectively.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.