Crude Oil Elliott Wave technical analysis [Video]
|WTI Elliott Wave analysis
WTI is extending the plunge from January 2025 to the lower boundary of the sideways price structure that emerged from March 2023. However, it appears the sideways structure has not yet finished. Thus, the lower boundary could provide support that could lead to the price correcting the decline from January 2025.
WTI daily chart analysis
In the long term, WTI decline from March 2022 is correcting the impulse rally from the lows of the Covid crash in April 2020. Meanwhile, this corrective decline from March 2022 is emerging into a double zigzag structure where wave (w) of the supercycle degree finished in March 2023. Meanwhile, wave (x) of the same degree has emerged sideways. The sideways structure is a triangle made of five sub-waves of corrective sub-structures. The pullback from January 2023 is for the cycle degree wave d of the supercycle degree wave (x). Thus, one more rally very likely before another massive sell-off will follow.
WTI four-hour chart analysis
H4 chart shows price has completed a diagonal structure for wave ((A)) of d and a bounce may follow for ((B)) before another leg lower. Alternatively, it’s likely wve d has already finished and the expected could advance mor higher than anticipating.
Crude Oil Elliott Wave technical analysis [Video]
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