WTI Crude Oil: Elliott wave analysis and forecast for 16.08.24 – 23.08.24

Highlights and key points Main scenario: once a correction forms, consider short positions below the level of 83.93 with a bearish target of 67.10 – 53.60. A sell signal: after the price returns below 83.93. Stop Loss: above 85.00, Take Profit: 67.10 – 53.60. Alternative scenario: breakout and consolidation above the level of 83.93 will allow the asset to continue rising to the levels of 94.10 – 100.00. A buy signal: after the level of 83.93 is broken to the upside. Stop Loss: