WTI & Brent Crude Oil Technical Analysis - Elliott Wave Update

Why It Matters

Holding the identified support levels could keep oil prices on an upside trajectory, while breaches would trigger deeper declines, directly influencing traders’ risk‑management and hedging strategies.

Key Takeaways

• WTI holds micro support near $96.11, enabling upside potential
• Target price for WTI set at $113.30 if support holds
• Break below $96.11 could trigger drop to $88.50–$80.80
• Brent’s first support sits at $104.80; breach may lead to $100.66
• Market remains headline‑driven and volatile; technical cues are secondary

Summary

The video provides an Elliott‑wave‑based technical update on both WTI and Brent crude, focusing on current pull‑backs and the levels that could dictate the next move.

For WTI, the analyst identifies a micro‑support zone between $96.11 and $96.12. As long as the three‑wave decline respects this floor, a fifth‑wave rally could push prices toward a $113.30 target, a 100 % extension of the prior wave. A break below $96.11 would confirm a top and open the path to lower main support around $88.50‑$80.80.

Brent is trading deeper into its first support band at $104.80‑$109.00. The chart has yet to form a higher high since March 19, and a breach of $104.80 would signal weakness, potentially sending the price toward $100.66 and further down to the main support zone. The analyst repeatedly stresses that corrections can take various shapes, but defending the defined support levels remains paramount.

Because oil markets are currently driven by headlines and exhibit heightened volatility, these technical markers serve as a navigational aid rather than a guarantee. Traders who monitor the $96.11 WTI and $104.80 Brent thresholds can better time entries, manage risk, and align positions with the broader macro narrative.

Original Description

This video provides a professional Elliott Wave and technical analysis of the gold market, focusing on the current price structure, support and resistance zones, and possible mid- to long-term scenarios. The goal is to help viewers understand where gold stands in the larger market context — from short-term setups to long-term structural insights.

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