Elliott Wave Analysis & Forecast, WTI Crude Oil – OILUSD, H1, 231009

If you look the above an hour chart, in larger term Green Wave B is  in progress  and its first leg, Blue Wave A/ completed its sub - five wave structure @ 80.61 where second leg Blue wave B/ started and will finish near 88-88.50 area. As of now, we cannot predict the exact target of Green Wave B from here, but once its second leg in Blue Wave B/ completed, it will become easy to identify possible target of Green Wave B.

Red Wave b of larger Blue wave B/ is forming and completing its structure. This Red wave b most probably in form of simple zizgag abc (not drawn on chart), which will complete near its idea target near 82.50-82.75 and will place temporary bottom. Once this wave completed, we will see sharp inclined in Red wave c of Larger Blue Wave B/ towards 87.50-88 area where Blue Wave B/ will come to an end by placing medium term top.

Trade Recommendations: For short term, you can enter into sell trade @85.00 or better targeting 82.50 area. Stop Loss in this case is above last high (@86.00).

muhiuddin