TRENDING:

GBP/USD

XAU/USD

Elliott Wave View: Selling Pressure in Oil Should Continue [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Oil shows incomplete bearish sequence from April 23, 2019 high favoring further downside. The recent break below June 5, 2019 low (50.60) confirms the double three Elliott Wave structure from April 23 high and suggests the next leg lower has started. Near term, bounce to 60.8 ended wave (X). Wave (Y) is in progress and the internal is unfolding also as a double three in lesser degree. Down from 60.8, wave ((w)) ended at 54.72, wave ((x)) ended at 58.82, and wave ((y)) ended at 50.52. The decline to 50.52 ended wave W of (Y).

Wave X bounce is currently in progress to correct cycle from July 11, 2019 high in 3, 7, or 11 swing before the decline resumes. The internal of the rally is proposed to be unfolding as a zigzag Elliott Wave structure. Up from 50.52, wave ((a)) ended at 52.84 and wave ((b)) ended at 51.94. While short term dips stay above 50.52, expect Oil to extend higher in wave ((c)) of X. Afterwards, Oil should resume the decline lower. Potential target to the downside is 100% extension from April 23 high towards 41.2 – 45.

We don’t like buying the proposed bounce and expect sellers to appear once rally is complete in 3, 7, or 11 swing. As far as pivot at 60.8 high stays intact, Oil should resume lower again.

Oil 1 Hour Elliott Wave Chart

Oil 1 Hour Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD retreats below 1.1750 on modest USD recovery

EUR/USD stays under modest bearish pressure and trades below 1.1750 on Friday. Although trading conditions remain thin following the New Year holiday and ahead of the weekend, the modest recovery seen in the US Dollar causes the pair to edge lower. The economic calendar will not feature any high-impact data releases.

GBP/USD struggles to gain traction, stabilizes above 1.3450

After testing 1.3400 on the last day of 2025, GBP/USD managed to stage a rebound. Nevertheless, the pair finds it difficult to gather momentum and moves sideways above 1.3450 as market participants remain in holiday mood.

Gold climbs toward $4,400 following deep correction

Gold reverses its direction and advances toward $4,400 after suffering heavy losses amid profit-taking before the New Year holiday. Growing expectations for a dovish Fed policy and persistent geopolitical risks seem to be helping XAU/USD stretch higher.

Cardano gains early New Year momentum, bulls target falling wedge breakout

Cardano kicks off the New Year on a positive note and is extending gains, trading above $0.36 at the time of writing on Friday. Improving on-chain and derivatives data point to growing bullish interest, while the technical outlook keeps an upside breakout in focus.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is. Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).

Legal Text

Markets move fast. We move first.

Editor's Picks

Best Brokers in 2026