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Elliott Waves Forecast: US OIL, SPx500 & SILVER (08.12.21)

The structure of WTI suggests a period of triangular consolidation between ~$63 and ~$82. In the short term, the implications are more bullish than they are bearish as an ABC correction can be expected.

A move beyond the all-time high will likely reveal whether a big crash is coming or not as the 5-wave structure could expand to what seems to turn into a higher-degree motive wave. Will the high hold bulls?

Correcting a tad lower could complete the ABC flat correction silver prices have been printing since $30. However, the short-term remains biased up, not down, towards $23.50.

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