2026.07.24 2026.07.24
WTI Crude Oil: Elliott Wave Analysis and Forecast for 24.07.26–31.07.26

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

Major Takeaways

• Main scenario: Consider long positions from corrections above 79.67 with a target of 105.17–115.50. A buy signal: the price holds above 79.67. Stop Loss: below 78.00, Take Profit: 105.17–115.50.
• Alternative scenario: Breakout and consolidation below 79.67 will allow the asset to continue declining to the levels of 67.00–58.50. A sell signal: the level of 79.67 is broken to the downside. Stop Loss: above 81.30, Take Profit: 67.00–58.50.

Main Scenario

Consider long positions from corrections above 79.67 with a target of 105.17–115.50.

Alternative Scenario

Breakout and consolidation below 79.67 will allow the asset to continue declining to the levels of 67.00–58.50.

Analysis

On the weekly chart, correction (2) of larger degree has formed, with wave C of (2) completed as its part. On the daily time frame, ascending wave (3) is likely developing. Within it, wave 1 of (3) of smaller degree and correction 2 of (3) have formed, and wave 3 of (3) has started unfolding. On the H4 chart, wave i of 3 continues to develop, with wave (iii) of i unfolding as its part. If the presumption is correct, WTI will continue to rise to 105.17–115.50. The level of 79.67 is critical in this scenario as a breakout below it will enable the asset to continue declining to the levels of 67.00–58.50.

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