Oil – Daily Analysis
In this update, we take a closer look at oil’s setup—candlestick patterns, multi-timeframe signals, and Elliott Wave structures—to highlight the key levels and formations now in play. We’ll also explore the most likely scenarios for the next major move, because whether it breaks higher or lower, the implications could be significant.
CANDLES
Oil extended its initial bounce and confirmed a daily reversal. Momentum is still developing, and a few variables remain. If bulls keep the pace tomorrow, there’s a solid chance of printing bullish combinations on both the 3D and weekly frames, which would likely keep bullish odds elevated for at least another week.
Next week will be critical for the monthly close. The monthly candle is currently tracking bearish, but there’s still room to mitigate the impact.
Short term: neutral, leaning bullish.
Weekly and higher timeframes: bearish for now, with the weekly subject to change tomorrow.
ELLIOTT WAVES
No change to the roadmap after today’s action. The bounce looks corrective, and odds still favor a lower low—whichever path plays out. Tomorrow’s session will be pivotal for setting the mid-term probabilities and clarifying whether this rally attempt fades or evolves into a larger countertrend move.
Summary:
Oil is bullish in the short term and remains bearish on the weekly and larger timeframes, with a potential shift on the weekly possible tomorrow.
Happy Trading!
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