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 confirmed a bottom on the daily frame only. It hasn’t yet extended that momentum to the 5D frame, though the chance remains. The pivotal 2D and 3D closures are tomorrow. A Wednesday close above Monday’s high would confirm the 2D bottom and open a path to potential confirmation on the weekly frame.
Short term: moderately bullish.
Base case unchanged: bearish until a weekly reversal is confirmed.
Classical Pattern – Multiple Flags
The larger red-flag setup remains on the table.
ELLIOTT WAVES
The current wave off the recent bottom is clearly corrective. An alt ii is still on the table.
Summary:
Oil remains bearish on the mid- and long-term frames until a weekly reversal is confirmed. In the short term, it is moderately bullish with a chance to extend that momentum. Tomorrow’s 2D and 3D closures will likely tell the story.
Happy Trading!
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