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WTI Crude Oil, Elliot Wave Analysis

12/5/2022 10:36 AM

A fall is possible.

On the daily chart, the first wave of the higher level (1) formed, and a downward correction develops as the second wave (2), within which the wave А of (2) forms. Now, the fifth wave of the lower level v of A is developing, within which the wave (iii) of v has formed, a local correction has ended as the wave (iv) of v, and the wave (v) of v is developing. If the assumption is correct, the price of the asset will fall to the area of 67.00–52.25. In this scenario, critical stop loss level is 83.58.

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