Crude Oil Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

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]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.