Oil – Daily Analysis
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
Oil bounced hard today, but failed to confirm a bottom. Candle structure, for now, points to fair odds of another 1–2 days of bounce. If the move is serious, oil would need to close the 5D frame tomorrow up ~4%—highly unlikely.
Short term: moderately bullish.
Base case unchanged: bearish until a reversal 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.
Summary:
Oil remains bearish across the mid- and long-term frames until a weekly reversal is confirmed. Short term, it is moderately bullish, likely limited.
Happy Trading!
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