WTI - Bulls in action!
Hi All! A day off is a good time for reflection.
Oil Price Outlook: Potential Fifth Wave Impulse Up
There is a high probability that oil prices, having broken through the upper boundary of the regression channel, may continue their upward movement with a target in the 81.20–84.00 range. This could be the fifth wave of an upward impulse.
Wave Structure Analysis:
✅ Wave 1 – Leading diagonal
✅ Wave 2 – Double zigzag
✅ Wave 3 – Strong upward movement
✅ Wave 4 – Deep correction as a single zigzag, reaching the maximum possible level of 71.50
‼️ Further decline invalidates this scenario.
Technical Confirmation:
🔹 Bullish divergence is clearly visible on both the H1 and H4 charts.
🔹 AO and RSI indicators are turning upwards while the price continued to decline, indicating a trend reversal.
🔹 The price has not fallen below 71.50, where bulls have established strong support.
Fundamental Catalyst:
📢 Recent news about tariff increases, including on goods from Canada (such as oil), could be a bullish driver for oil prices.
Key Targets:
✅ First target: 77.36
✅ Local high: 81.00
✅ Major resistance level: 84.00
#CrudeOil #WTI #Brent #Trading #ElliottWaves #TechnicalAnalysis #Forex #Commodities #PriceAction #MarketUpdate #OilPrices
Oil Price Outlook: Potential Fifth Wave Impulse Up
There is a high probability that oil prices, having broken through the upper boundary of the regression channel, may continue their upward movement with a target in the 81.20–84.00 range. This could be the fifth wave of an upward impulse.
Wave Structure Analysis:
✅ Wave 1 – Leading diagonal
✅ Wave 2 – Double zigzag
✅ Wave 3 – Strong upward movement
✅ Wave 4 – Deep correction as a single zigzag, reaching the maximum possible level of 71.50
‼️ Further decline invalidates this scenario.
Technical Confirmation:
🔹 Bullish divergence is clearly visible on both the H1 and H4 charts.
🔹 AO and RSI indicators are turning upwards while the price continued to decline, indicating a trend reversal.
🔹 The price has not fallen below 71.50, where bulls have established strong support.
Fundamental Catalyst:
📢 Recent news about tariff increases, including on goods from Canada (such as oil), could be a bullish driver for oil prices.
Key Targets:
✅ First target: 77.36
✅ Local high: 81.00
✅ Major resistance level: 84.00
#CrudeOil #WTI #Brent #Trading #ElliottWaves #TechnicalAnalysis #Forex #Commodities #PriceAction #MarketUpdate #OilPrices
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