Oil – Daily Analysis
Does oil have a shot tomorrow? Yes.
The success bar is simple—meet it, and the move is real.
Fall short, and it’s just another corrective pop.
CANDLES
The daily candle formed a Bullish Harami. To confirm, oil needs to close above Friday’s high tomorrow—about a 1.5% gain. The task is doable, but the probabilities aren’t generous: on smaller frames I don’t see strong support, so bulls face a tough climb.
The 5D frame also closes tomorrow; it also needs roughly +1.5% to avoid a Bearish Engulfing, which would further escalate bearish odds across the frames discussed in the weekly report.
The criteria are clear—let’s see what oil does. The base case remains bearish until a reversal prints—and is confirmed—at least on the weekly frame.
ELLIOTT WAVES
No changes to the weekly assessment.
Summary:
Oil remains bearish until signaled otherwise.
Happy Trading!
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