Oil – Daily Analysis
Apparently, there was a record readership of our Oil Weekly report for a reason—oil continues to follow our forecasts with impressive precision. After today’s big selloff, the market is now sitting at a critical juncture that could set the tone for the weeks ahead. It’s time to map out the next possible moves, the targets in play, and the subtle signals that could decide whether this drop is just the beginning or an early trap. Let’s see what might be waiting around the corner.
CANDLES
No surprise from oil today—a strong, technically supported Bearish Engulfing pattern has set the stage for what could be a significant move down. For now, oil remains firmly bearish.
ELLIOTT WAVES
Most likely, the abc wave for wave 2 or (b) has completed. The current move downward looks impulsive and could mark the start of either wave (c) or wave 3. So far, the blue count aligns better with the structure, but this wave still needs to mature and provide more data before we can refine the road map further.
Summary:
Oil remains bearish across all time frames until a clear reversal signal appears.
Happy Trading!
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