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Commodities

Oil – Daily Analysis

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Daily Oil Open Articles Public
940

Those following our oil forecasts should feel well-positioned. In this daily update, we analyze oil’s current setup by examining candlestick patterns, multi-timeframe signals, and Elliott Wave structures. We highlight key levels, technical formations, and the most probable scenarios ahead of the next major move.

CANDLES

After confirming a reversal on the daily frame yesterday, oil extended the signal today by confirming bearish setups on the 2D and 3D frames, significantly elevating the bearish odds. The upcoming weekly closure is now in serious jeopardy—a Falling Three Methods pattern will materialize if oil closes below the outlined levels.

Overall, oil remains bearish until reversed.

ELLIOTT WAVES

The purple count remains the primary scenario for now. However, considering the wave structure below the blue could become primary.

The larger Flag pattern remains intact.

Summary:

Oil has possibly completed the first impulsive wave down and shows strong potential to evolve into a larger impulsive structure. Early signs suggest that the current move could be wave 3 of some degree. The overall outlook remains bearish until proven otherwise, with bearish odds set to increase significantly if the weekly candle closes negatively.

Happy Trading!

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Daily Oil Open Articles Public
940
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