2026.03.06 2026.03.06
WTI Crude Oil: Elliott Wave Analysis and Forecast for 06.03.26–13.03.26

Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/

Major Takeaways

• Main scenario: Consider long positions from corrections above 63.60 with a target of 87.00–95.50. A buy signal: the price holds above 63.60. Stop Loss: below 63.60, Take Profit: 87.00–95.50.
• Alternative scenario: Breakout and consolidation below 63.60 will allow the asset to continue declining to the levels of 55.00–50.50. A sell signal: the 63.60 level is broken to the downside. Stop Loss: above 63.60, Take Profit: 55.00–50.50.

Main Scenario

Consider long positions from corrections above 63.60 with a target of 87.00–95.50.

Alternative Scenario

Breakout and consolidation below the 63.60 level will allow the asset to continue declining to the levels of 55.00–50.50.

Analysis

A descending correction appears to have formed as the second wave of larger degree (2) on the weekly chart, with wave C of (2) completed as its part. On the daily time frame, the ascending third wave (3) has started unfolding, with the first wave of smaller degree 1 of (3) developing as its part. Supposedly, wave iii of 1 is developing on the H4 time frame. If this assumption is correct, WTI will continue to rise to 87.00–95.50. The level of 63.60 is critical in this scenario as the breakout below it will enable the asset to continue declining to the levels of 55.00–50.50.

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.

Price chart of USCRUDE in real time mode