Oil – Daily Analysis
In our daily oil analysis, we apply a structured approach—examining candlestick formations across multiple time frames, aligning them with Elliott Wave counts, and weighing supporting technical indicators. This methodology helps us track both short-term swings and long-term trends with consistency.
CANDLES
Despite a strong bounce today, oil couldn’t flip the 5D and 10D frames; both closed bearish, keeping technicals and trends bearish. The daily, however, formed a Tower Bottom, so the commodity could trade higher over the next few days. At this point, the daily technicals, and the odds on larger frames, still favor the bears, and the bounce is likely to be limited.
With five days left in September, we begin tracking the monthly close. It’s shaping neutral so far, but alongside August’s strongly bearish close, the overall bias remains bearish.
Short term: bullish, limited.
Mid and long term: bearish until a weekly reversal is signaled and confirmed.
Classical Pattern – Multiple Flags
The larger red-flag setup remains on the table.
ELLIOTT WAVES
The purple count remains on the table. The blue and red counts have slightly higher probability.
Summary:
Oil is short-term bullish, though this move is likely to be limited. The mid- and long-term outlook remains bearish.
Happy Trading!
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