WTI Crude Oil: Elliott wave analysis and forecast for 22.07.22 – 29.07.22

Main scenario: consider short positions from corrections below the level of 103.75 with a target of 84.25 – 79.00.

Alternative scenario: breakout and consolidation above the level of 103.75 will allow the asset to continue rising to the levels of 115.91 – 123.95.

Analysis: Apparently, the first wave of larger degree (1) continues developing on the daily chart, with wave 3 of (1) formed inside. A downward correction is presumably unfolding on the H4 chart as the fourth wave 4 of (1), with wave c of 4 developing as its part. Apparently, on the H1 chart developed wave (iii) of c. The formation of a local correction as wave (iv) of c has been completed. The formation of wave (v) of c has begun. If the presumption is correct, the price will continue falling to the levels 84.25 – 79.00 after correction. The level of 103.75 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 115.91 – 123.95.