WTI & Brent Crude Oil Technical Analysis - Elliott Wave Update
Why It Matters
The convergence of Elliott Wave signals with fresh cease‑fire news highlights immediate downside risk for crude, guiding traders on timing and risk management.
Key Takeaways
- •US oil prices fell after ceasefire report with Iran.
- •Analyst predicted resistance zone, price peaked near that level.
- •ABC wave completed, triggering bearish Elliott Wave correction.
- •Immediate decline aligns with micro wave count from earlier video.
- •Follow MCO X account for ongoing oil, gold, silver insights.
Summary
The video provides a technical update on WTI and Brent crude, linking recent price movements to both Elliott Wave analysis and emerging geopolitical news. The host notes that U.S. oil prices slipped after reports of a one‑month cease‑fire negotiation with Iran, a development that briefly shifted market sentiment.
Key technical points include a previously identified resistance zone where the market appeared to top, confirming the analyst’s forecast. An ABC impulse wave concluded, prompting a bearish corrective phase consistent with the micro‑wave count presented in the earlier broadcast. The price drop that followed aligns with the anticipated decline pattern.
The presenter emphasizes, “price topped after this ABC up… and we would start a decline and that happened,” underscoring the accuracy of the wave count. He also directs viewers to his X (formerly Twitter) account, MCO, for regular updates on oil, gold, and silver, reinforcing his role as a multi‑asset analyst.
For traders, the analysis suggests that further downside pressure may persist if the corrective wave holds, and that geopolitical headlines can quickly amplify technical signals. Monitoring the next wave structure and any new geopolitical developments will be crucial for positioning in the oil market.
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