US Crude Oil: Elliott Wave Analysis Predicting Major Move Ahead
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.
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