WTI Crude Oil: Elliott wave analysis and forecast for 09.08.24 – 16.08.24

Highlights and key points Main scenario: once a correction forms, consider short positions below the level of 79.40 with a bearish target of 70.50 – 67.60. A sell signal: after the price returns below 79.40. Stop Loss: above 80.50, Take Profit: 70.50 – 67.60. Alternative scenario: breakout and consolidation above the level of 79.40 will allow the asset to continue rising to the levels of 84.78 – 90.95. A buy signal: after the level of 79.40 is broken to the upside. Stop Loss: b