Oil – Daily Analysis
In this update, we examine oil’s current setup with sharp technical focus—tracking candlestick formations, multi-timeframe indicators, and Elliott Wave structures. We pinpoint the key levels, patterns, and likely next moves before they take shape.
CANDLES
Oil is driving everyone berserk for the fourth straight day, unable to commit to any clear direction. The daily frame remains indecisive, but the 3D chart has a fair chance of completing a Falling Three Methods pattern tomorrow—something we flagged last Thursday. Meanwhile, the monthly candle is on track to close with a bearish combo, regardless of whether it ends green or red.
The long-term frames continue to lean firmly bearish.
ELLIOTT WAVES
All three counts remain on the table, with no clear edge for any single scenario. I zoomed in and spent several hours trying to map a path—a thankless job, indeed, given the complexity of this corrective wave. Wave (B) could be forming as a complex ABC flat, with wave B itself unfolding as a wxy structure (purple). Alternatively, wave (B) might be developing into a triangle (blue). The key word here is “corrective,” which implies that, regardless of the exact path, the higher-probability outcome remains a move toward new lows.
The larger Flag pattern remains intact.
Summary:
After today’s closure, oil stands neutral in the short term, awaiting a decisive trend. Larger timeframes show stronger potential to form various bearish combinations. With all frames from the weekly upward maintaining bearish trends, the mid- and long-term outlook continues to lean bearish.
Happy Trading!
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