WTI & Brent Crude Oil Technical Analysis - Elliott Wave Update
Why It Matters
The analysis pinpoints price levels that could dictate oil’s short‑term trajectory, guiding traders’ risk and position‑sizing decisions amid volatile markets.
Key Takeaways
- •WTI support range identified between $69.90 and $85.50.
- •Brent shows three-wave advance starting April, no clear top yet.
- •Potential breakdown could trigger C wave in blue Elliott scenario.
- •Resistance at $108.72 critical; break shifts odds to orange count.
- •Triangle pattern gains credibility if price surpasses $108.72.
Summary
The video provides an Elliott Wave‑based technical outlook for WTI and Brent crude, highlighting current price structures and the analyst’s scenario counts.
The analyst identifies WTI’s primary support between $69.90 and $85.50, while Brent appears to be executing a three‑wave upward move that began in April, without clear evidence of a March top. A potential breakdown would trigger a C‑wave in the “blue” count, but that scenario lacks confirmation.
He notes that breaching the $108.72 resistance would diminish the blue count’s probability and favor an “orange” triangle pattern, shifting market expectations toward a continuation rather than a reversal.
For traders, the delineated support‑resistance zones and the binary wave‑count outcomes provide actionable cues: hold long positions if price clears $108.72, or prepare for downside risk if a breakdown materializes.
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