Oil – Daily Analysis
Oil, after a concerning close yesterday, delivered the follow-through today. 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
Yesterday’s failure, too strong for bulls to overcome, carried through. The daily printed a Bearish Engulfing, and the 2D kept the odds bearish. This materially reduces the weekly chance of a reversal combo.
Base case unchanged: bearish until a reversal prints—and is confirmed—at least on the weekly frame.
Classical Pattern – Multiple Flags
The larger red-flag setup remains on the table; a new lower low—below the August 17 low—would invalidate it.
ELLIOTT WAVES
An alt ii is still on the table with very low probability.
Summary:
Oil remains bearish across the short-, mid-, and long-term frames until a reversal is signaled.
Happy Trading!
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