Main scenario: consider short positions from corrections below the level of 84.05 with a target of 63.00 – 54.50 once a correction is completed.
Alternative scenario: breakout and consolidation above the level of 84.05 will allow the asset to continue rising to the levels of 104.00 – 124.09.
Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a bearish correction continues developing as second wave (2). Supposedly, wave С of (2) is forming on the H4 chart. It includes a local correction unfolding as wave iv of C. Wave (a) of iv appears to be complete on the H1 chart, and wave (b) of iv is presumably completed, too. If the presumption is correct, the price will continue falling to the levels 63.00 – 54.50 after wave (c) of iv is complete. The level of 84.05 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 104.00 – 124.09.
Price chart of USCRUDE in real time mode
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