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WTI Crude Oil, Elliot Wave Analysis
8/29/2022 11:55 AMThe price is in a correction; a fall is possible.
On the daily chart, the first wave of the higher level 1 of (1) of C ended, and a downward correction forms as the second wave 2 of (1) of C, within which the wave a of 2 develops. Now, the third wave of the lower level (iii) of a has formed, and a local correction is developing as the fourth wave (iv) of a. If the assumption is correct, after the end of the correction, the price of the asset will fall to the area of 82.30–67.00. In this scenario, critical stop loss level is 103.55.
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