Crude Oil Elliott Wave technical analysis [Video]

WTI Elliott Wave analysis

WTI Crude Oil technical overview

Trend: Bearish.

Structure: Double Zigzag.

Outlook: Continuation Lower Toward Sub-$50 Levels.

Summary

WTI Crude Oil is expected to extend its decline after completing a minor bounce that ended around June 22, 2025. The broader outlook remains bearish, with the current structure indicating that the commodity is still within a long-term corrective phase that began in March 2022. As the structure remains incomplete, the downside bias continues with targets below $50.

WTI Elliott Wave analysis – Daily chart

The daily chart of WTI shows the commodity engaged in a long-term corrective decline since March 2022. This movement is correcting the impulsive rise that began in April 2020. The current correction is forming a double zigzag pattern, with wave (w) and wave (x) completed in March 2023 and September 2023, respectively.

Wave (y) is actively unfolding. Within this leg, wave w and x of (y) concluded in April 2025 and June 2025. The final wave y of (y) appears underway and could push prices further below $50 in the near term.

WTI Elliott Wave analysis – Four-hour chart

The H4 chart reveals further short-term bearish structure. WTI appears to have completed waves (1) and (2) of ((A)) of wave y. As long as the price remains below the $69.7 level (wave (2) high) and more significantly, under $78.4 (wave x high), selling pressure is likely to dominate.

Wave (3) of ((A)) could push prices down toward the $49–$46 range. Sustained trading beneath these key resistance levels would reinforce the bearish momentum expected in the coming weeks.

Crude Oil Elliott Wave technical analysis [Video]