WTI Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

WTI Elliott Wave analysis

Crude oil prices remain sideways below $73 as momentum shrinks. A bearish breakout is more likely toward $60, However, the commodity will have to breach the $64-62 price zone which may offer support at some point.

WTI daily chart analysis

In the long term, the price is still correcting the impulse rally between April 2020 and March 2022 which saw the commodity reach almost $131. Thus, the decline from March 2022 is evolving into a double-zigzag corrective structure. Wave ((W)) finished at $63.5 in May 2023 with a triple zigzag structure before a sideways triangle structure ended wave ((X)) at $84.5 in July 2024. Thus, the decline from $84.5 (July 2024) is expected to be for wave ((Y)). However, it’s still in the early stage. Price completed wave W of (W) of ((Y)) in September 2024 and then the corresponding wave Y in October 2024. Price is now in wave Y of (W) which is incomplete and has the potential to reach $61-57.

Four-hour chart analysis

On the H4 chart, the price is currently in wave (b) of ((y)) of Y if 72.96 continues to hold. However, a breach of 72.76 will make us consider a new potential top for ((x)) if the price remains below the 78.45 invalidation level. For as much as the price stays below 78.45, the potential for more downside is higher than the upside.

WTI 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 hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.