WTI Crude Oil: Elliott wave analysis and forecast for 09.01.26 – 16.01.26 | LiteFinance
The article covers the following subjects:
Major Takeaways
- Main scenario: After the correction ends, consider short positions below the level of 62.40 with a target of 50.50 – 45.00. A sell signal: the price holds below 62.40. Stop Loss: above 62.40, Take Profit: 50.50 – 45.00.
- Alternative scenario: Breakout and consolidation above the level of 62.40 will allow the asset to continue rising to the levels of 66.00 – 70.00. A buy signal: the level of 62.40 is broken to the upside. Stop Loss: below 62.40, Take Profit: 66.00 – 70.00.
Main Scenario
Consider short positions below the level of 62.40 with a target of 50.50 – 45.00 once the correction is completed.
Alternative Scenario
Breakout and consolidation above the level of 62.40 will allow the asset to continue rising to the levels of 66.00 – 70.00.
Analysis
A descending correction appears to continue forming as the second wave of larger degree (2) on the weekly chart, with wave C of (2) developing as its part. On the daily time frame, a bullish correction appears to have formed as the fourth wave iv of C, and the fifth wave v of C has started developing. The third wave of smaller degree (iii) of v of C is presumably completed on the H4 time frame. The fourth wave (iv) of v is currently forming as a local correction. Upon its completion, if the presumption is correct, WTI will continue falling to 50.50 – 45.00. The level of 62.40 is critical in this scenario as a breakout above it will enable the price to continue growing to the levels of 66.00 – 70.00.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of USCRUDE in real time mode
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