Main scenario: consider short positions from corrections below the level of 74.65 with a target of 54.50 – 45.00.
Alternative scenario: breakout and consolidation above the level of 74.65 will allow the asset to continue rising to the levels of 84.00 – 94.00.
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). Wave С of (2) is developing on the H4 chart, with wave i of C of (2) completed as its part. A local correction is completed as wave ii of C of (2). Apparently, wave iii of C of (2) started developing on the H1 chart, with the first wave of smaller degree (i) of iii forming as its part. If the presumption is correct, the price will continue falling to the levels of 54.50 – 45.00. The level of 74.65 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 84.00 – 94.00.
USCRUDE current rate in the Forex market:
USCRUDE
=
$72.167
Sell
72.146
Buy
72.167
Mood
83.1%
1-day change
4.75 (3.267%)
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