Oil – Daily Analysis

WTI has almost reached the classical retracement target for wave iv. Will it push lower on renewed hopes of “reopening” the strait that has already been reopened multiple times—or will oil simply continue following the technical roadmap we outlined in advance? In today’s Oil Daily Analysis, as usual, we examine the latest candlestick signals, momentum structure, Elliott Wave paths, and key support and resistance levels. We also define the technical conditions that would favor either continued upside or a deeper reversal. The key question now is whether oil is preparing to complete wave iv and launch another leg higher—or whether the recent top has already marked something more important. CANDLES & TA: Today, oil closed both the daily and 2D frames with bearish signals. However, the move also pushed oil into oversold territory and stretched several technicals across the hourly frames. In addition, as I type, oil has formed a…