04Feb

WTI Crudeoil Oil Commodity Elliott Wave Technical Analysis Explores Oil Price predictions, Technical Patterns, and Market Trends

WTI Crudeoil Oil Elliott Wave Technical Analysis

WTI crude oil has completed its bullish correction from September 2024 and is now turning lower after facing resistance at a key Fibonacci zone. The decline from the January 15, 2025 top is expected to extend further, continuing both the short-term bearish cycle from July 2024 and the larger bearish trend that began in March 2022.

WTI Crudeoil Oil Commodity Daily Chart Analysis

The long-term price action is correcting the 5-wave impulse rally that followed the COVID-19 crude oil collapse. On March 7, 2022, WTI crude peaked at nearly $131, marking the top of this impulse wave advance. According to Elliott Wave Theory, a 3-wave correction follows a 5-wave trend.

This bearish correction has developed as a double zigzag pattern and remains incomplete. Thus, further downside pressure is expected in the medium to long term. Wave ((W)) ended in May 2023, followed by a 14-month sideways triangle formation for wave ((X)), which concluded in July 2024 at $84.5. As seen on the daily chart, wave ((Y)) began from the July 2024 high.

Wave (W) of ((Y)) is anticipated to push lower, with waves W and X of ((Y)) already completed. Currently, wave Y is evolving downward, indicating further bearish momentum.

WTI-Crudeoil-Oil-Com...


WTI Crudeoil Oil Commodity H4 Chart Analysis

On the H4 timeframe, the sub-waves of wave X are clearly visible, while the decline from wave X has either completed or is close to completing a 5-wave downtrend, potentially marking wave ((a)) of Y. From wave ((b)) of Y, sellers are expected to find fresh opportunities as long as WTI remains below the January 2025 top, where wave X was finalized.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Gold (XAUUSD) Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

WTI-Crudeoil-Oil-Com...


Key Takeaways:

  • WTI crude oil is reversing lower after completing its bullish correction from September 2024.
  • The long-term Elliott Wave structure suggests an incomplete double zigzag correction.
  • Wave ((Y)) started in July 2024, with wave Y evolving downward.
  • Short-term bearish momentum continues as long as prices remain below the January 2025 high.

This Elliott Wave forecast for WTI crude oil suggests that the market is favoring further declines in the coming weeks, making it crucial for traders to monitor key resistance levels.

Related

Market Update: Preparing for the Next Trade Setup

Market Update: Preparing for the Next Trade Setup

Most stocks are approaching the final stages of their Impulse, currently in Wave iv) within Wave 1. ...

Read More >
S&P 500 Index Elliott Wave Technical Analysis: Detailed Daily and Weekly Market Trends

S&P 500 Index Elliott Wave Technical Analysis: Detailed Daily and Weekly Market Trends

This article provides a thorough Elliott Wave analysis of the S&P 500, focusing on both daily and we...

Read More >
Effective trading strategies and technical analysis: British Pound/U.S.Dollar(GBPUSD) Forex Elliott Wave Technical Analysis

Effective trading strategies and technical analysis: British Pound/U.S.Dollar(GBPUSD) Forex Elliott Wave Technical Analysis

This detailed analysis of GBP/USD using Elliott Wave Theory provides key insights into the current m...

Read More >
ASX: BRK.B Elliott Wave Analysis Provides a Detailed Technical Outlook on Berkshire Hathaway Stock Using Daily and 1-hour Charts

ASX: BRK.B Elliott Wave Analysis Provides a Detailed Technical Outlook on Berkshire Hathaway Stock Using Daily and 1-hour Charts

This BRK.B Elliott Wave analysis provides a detailed technical outlook on Berkshire Hathaway stock u...

Read More >
Coffee Elliott Wave Technical Analysis with Commodity Market Outlook Serves as a Valuable Resource for Traders and Analysts

Coffee Elliott Wave Technical Analysis with Commodity Market Outlook Serves as a Valuable Resource for Traders and Analysts

This article provides an in-depth Coffee Elliott Wave analysis, offering insights into current price...

Read More >
Discover How to leverage Elliott Wave Theory to make Informed Decisions about McDonald's Corp. Stock: MCD Elliott Wave analysis

Discover How to leverage Elliott Wave Theory to make Informed Decisions about McDonald's Corp. Stock: MCD Elliott Wave analysis

This article provides a detailed Elliott Wave analysis of McDonald's Corp. (MCD), focusing on ke...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on