Oil – Daily Analysis

Oil is down 15% since our mid-June call, made when many talking heads were still expecting a run toward $150. The question now is simple: was that drawdown enough, or does oil still have more room to fall? Today’s report focuses on the structure behind the move — the newest technical signals, the strength or weakness beneath the bounce, and the paths that could define oil’s next decisive move. The key question is whether oil is preparing to confirm a local bottom, resume the mid-term breakdown after a temporary pause, or trigger a larger-frame signal that could change the entire map into the end of June. CANDLES Both WTI and Brent are forming bearish continuation candles on the daily and 2D frames. While oil is approaching the oversold zone, it is not there yet. Overall, oil remains bearish across all frames until it signals otherwise. ELLIOTT WAVES Long Term Both…