Elliott Wave Analysis & Forecast, WTI Crude Oil – OILUSD, D1, 20220625
In my opinion blue wave /1 is completed by placing medium term top @ 126.28 on 6th March, 2022. We have seen nice five red waves rally from 6.79 on 21st April, 2020. After placing top @ 126.28 correction is carry on in blue wave /2 and at the moment it is quite hard to find the exact path and formation of this correction. There are chances that it will take flat correction in form of blue A or we may see complex correction in form of blue W. It is matter of time we will see as it is unfolding.
If we look at chart, green wave a of blue Wave A completed @ 92.32 and afterward we see green wave b of blue wave A in form of triangle. The last leg of green wave c of blue wave A is unfolding and its minimum target just below the green wave a of blue wave A which is near 92 area.
At the moment no trade advised and sellers have to wait until price go to retest previous high near 121.42 area to enter into sell trade.
muhiuddin
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