Oil has turned lower after completing wave ( b ) @ 102.50. Expect a test of 99.60 – 100.37 to complete wave A after which Oil should correct the entire drop from 104.37 and trade lower again. We don’t like chasing weakness at current levels as cycle from 104.37 would be ending soon and we don’t recommend buying into proposed wave B as hourly cycles are still negative.
Get the Elliott Wave Trading Mastery Bundle — Free
100% FreeLearn how to read the markets with more structure using practical guides on:
- Elliott Wave rules and market structure
- Fibonacci levels and price targets
- 3, 7 and 11-swing patterns
- Forex, stocks, ETFs and crypto
- Technical analysis and risk management
Plus, get free market insights, educational emails, and our Chart of the Day to keep building your skills.
Start learning today — no cost, no card required.
Related Articles
Chart Of The DayCommodities
Elliott Wave Outlook: Silver (XAGUSD) Eyeing Zigzag Correction
The short‑term Elliott Wave outlook in Silver (XAGUSD)f rom the July 17, 2026 low indicates...
Commodities
Gold Next Target at $5,992–$6,627: The Inverse 1.236–1.618 Extension of Wave (IV)
Gold has been one of the clearest examples of why structure should come before headlines....
Blue Box WinsCommodities
Palladium Futures (PA_F) Elliott Wave: Forecasting the Decline From the Equal Legs Zone
Hello traders. In this technical article we’re going to take a quick look at the...
