Main scenario: consider short positions from corrections below the level of 94.22 with a target of 63.00 – 54.50 once the correction is completed.

Alternative scenario: breakout and consolidation above the level of 94.22 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 and wave (b) of iv appear to be complete on the H1 chart, and wave (c) of iv is currently unfolding. Upon its completion, if the presumption is correct, the asset’s price will continue to drop to the levels of 63.00 – 54.50. The level of 94.22 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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