Major Key Points to Consider
- Primary Scenario (Bearish) : Consider short positions from corrections below the level of 61 with a target of 54 – 45. A sell signal: the price holds below 60.5. Stop Loss: above 61, Take Profit: 54 – 45.
- Alternative Scenario (Bullish): Breakout and consolidation above the level of 61.5 will allow the pair to continue rising to the levels of 70 – 77. A buy signal: the level of 4065 is broken to the upside. Stop Loss: below 61.5, Take Profit: 70 – 77.
Technical Indicators
Trend: Short-term consolidation within a long-term uptrend
Support Levels: 57 – 56
Resistance Levels: 60.5 – 63
Momentum: Neutral to bullish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : A downward Correction of Larger degree 4 is forming on the weekly chart of USOILUSD as wave (2). Within this larger Correction wave (2), the First Leg A and second Leg B has been completed on march’23 and sep’2023 of Large Correction. Within the Final Leg C of Correction the downward impulse (V) is developing. The Within the Downward impulse (V) the smaller degree impulse (I), Correction (II), Downward Impulse (III) and Correction (IV) has been completed and Now price is Moving in downward impulse (V).
On A Daily Chart : An Descending Smaller Wave (iii) of (V) Degree 2 is developing on the Daily Chart of USOIL: USOIL/USD. Within this Larger Wave , the smaller wave (i) and (ii) has been completed. Now the Price is moving in wave (iii) of (V).
On A 4-Hours Chart : Within the Wave (iii), the final downward impulse v is still developing on USOIL/USD 4-Hour Chart. The wave i, ii, iii and iv of (iii) has been completed recently.
If this Presumption is correct then USOIL/USD may continue to Decline to the Price levels of 53 – 45.
USOIL/USD : Current Rate in the Market
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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.
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