Oil – Daily Analysis
Oil tapped the level we mapped yesterday—and lost it. Big problem or a routine reset before the next push? In this update, we let candles, momentum, and structure speak: the flip levels to reclaim, the supports that must hold, and the invalidations that turn strength into another leg down. If you plan to be early—not the liquidity—start here.
CANDLES
It was a serious failure today—on three frames at once. The daily failed to confirm the Harami. The 3D failed to print a reversal Hammer and instead produced a continuation candle. The 5D failed to mitigate bearish odds and closed with a Bearish Engulfing. Tough luck for bulls. While a final bullish attempt is still possible — to form the third small green daily candle — the odds now sit with bears, pointing to a high probability of a move lower over the next five trading days.
Base case unchanged: 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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