Oil Weekly Analysis

One week. That’s all it took for Oil to erase October’s gains. The bears wasted no time! Just a week ago, in our monthly report, we warned: “WTI bearish signals are not particularly strong, but they do elevate the risk of a bear attack early next week—election week, perhaps? If successful, it could trigger a multi-week consolidation.” Well, the bear attack was successful. And now comes the important question: Was this just a one-week ambush, or is Oil entering a much larger bearish phase? But there’s another twist. A closer look at WTI’s Elliott Wave structure reveals a rather different picture from Brent’s. Both track the same commodity, yet their wave counts suggest different possible paths. And reconciling the two could be the key to understanding what comes next. The charts have delivered quite a few signals worth transcribing, some with serious implications for the weeks ahead. Let’s see what…