Oil – Daily Analysis
In this report, we analyze the candlestick signals, review the key technical indicators, apply Fibonacci measurements, and place the structure within its Elliott Wave context to assess whether the mid-term path remains on track.
CANDLES
Following a bearish weekly close, oil opened lower but then reversed and completed a bullish Harami — along with a double bearish failure to continue on both the 2D and 3D frames. If the Harami is confirmed tomorrow, oil could launch a sizeable wave upward. The move adds a healthy dose of optimism for the monthly closure on Friday. Holding above the indicated level will be bullish.
Overall: short term — bullish; mid term — bearish; long term — bearish, with a fair chance of flipping bullish.
ELLIOTT WAVES
Mid Term
Oil remains in an inflection zone. However, the micro wave up looks strongly impulsive so far. If it develops into a higher-degree impulse over the next two days (chart below), we will be looking at either the blue or red counts as the continued path.
Last Wave
Summary:
Oil has a chance to build solid bullish momentum and flip the mid- and long-term frames altogether by the end of this week. All it needs is to confirm the bullish Harami and produce bullish candles on the 2–3D frames over the next few days. If successful, we’ll be talking about a bullish December — and possibly beyond. For now, oil needs to break out of the inflection zone and, ideally, form a higher-degree impulse upward. Bulls have better odds heading into tomorrow.
Overall: short term — bullish; mid term — bearish; long term — bearish, with a fair chance of flipping bullish.
Happy Trading!
