WTI Elliott Wave analysis
WTI is recovering from the low of September 2024 and could advance further in the coming weeks to $80-90 as a bullish corrective sequence from May 2023 progresses. Thus, provided dips do not exceed the $65.3 Sept-2024 low, the upside appears to be favored in the short term.
From the long-term perspective, price is still correcting the massive rally to $130.9 reached in March 2022 by an impulse wave sequence from April 2022. The corrective structure is emerging as a double zigzag structure with wave ((W)) finished in May 2023 where wave ((X)) started.
As the daily chart shows, the price completed waves (A) and (B) of ((X)) in October 2023 and September 2024 respectively. Thus, the current rally from 65.3 is for wave (C) and could reach 97.17 if the price proves our Elliott wave analysis right. A break below 65.3 would mean wave ((X)) already finished at the September 2023 high and the outlook will turn bearish to continue wave ((Y)) toward $50 or below.
On the H4 chart, the price is currently in wave 3. Precisely in ((iii)) of 3 after completing ((ii)) at 71.56 pending confirmation by the break of the ((i)) high. In the short term, wave ((iii)) is favored to extend to prices over$80.
Crude Oil Elliott Wave technical analysis [Video]
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