WTI Oil Technical Analysis Today – Elliott Wave and Price News, Oil Price Prediction!

WTI Oil Technical Analysis Today – Elliott Wave and Price News, Oil Price Prediction!

[Music] hello and welcome to another update video about oil we take a look at WTI today wanted to start with the um longer time frame here the 4day chart and you can see that we obviously saw that long term decline okay oil was in a long-term downtrend into the April March 2020 lows and then obviously we had this huge rally to basically uh not new alltime Highs but it ried significantly ried significantly and obviously in this uh period here that we’re looking at on this chart it definitely reached resistances and this is considered currently an a-wave rally Okay so was a local top you you might want to call that a wave one yeah but it to be honest it doesn’t really make a great difference if we call that an a-wave in the b-wave pullback or a one two um with an ABC at least we are more on the side of caution and to be honest a third wave would take us to Moon targets I mean just to give you an example where would a third wave take us and and even if we go a little bit lower still I mean just to give you a rough idea third wave should take us to like like ridiculous like 2,000 something um whereas we are not that um you know crazy with a seawave but even a seawave can take us higher significantly it is longterm and it will take a while to play out at the moment the idea is that we are ranging we are in a b-wave yeah so here this b-wave actually we topped in an a-wave um they move down is now a b-wave pull back it’s possible that the B wve already bottomed here in May 2023 when the price bottomed locally around $65 6465 however however that pullback was quite shallow so it’s preferred preferred interpretation is that this was not all of wave B but just the a wve of a larger B wve then um now we’re basically looking at the b-wave of the larger b-wave and then we should still see a c wve of the larger B wve that could take us maybe I don’t know in the depends a little bit on how high the B wve goes right then we can calculate the target for the c-wave but based on what we see here maybe sort of mid 400 low $50 range before then a substantial rally should happen in the seawave now let’s look at the shorter time frames go here to the daily daily chart yeah idea is idea is and that’s pretty much unchanged from previous updates it’s just that in previous updates I think I looked at the crude chart um the light crude no not light crude we looked at the Brent Brent and this is obviously WTI and on this chart what we see is that the initial Rally from that May 23 low to the upside you could count that as five waves but it looks more like three so we had this a-wave rally then we saw the b-wave pullback it did turn at the time where it needed to was a little bit low but it did turn where it needed to but that um you know the the fact that it came down so low and very close to the m lows of 2023 rather indicates it’s a b-wave pullback because these can be deep a wave two technically can be deep as well but more often it’s the b-wave then and then a seawave rally would Now take us higher based on the data we have we can actually calculate a rough Target area for that seawave and it would be between the 100% extension and the 100 61.8 extension however I have to say it will depend also on the micro structures and how they are developing so looking at this here we have an a-wave up a b-wave down and the c-wave rally and the c-wave would be a one two okay and this is what we’re looking for were looking for in the last video this wave two pullback and it actually landed in the support region here the 50% Fibonacci retracement was touched so it could be done you know the this wave two and the idea would be the way this goes is that the wave 1 is a corrective rally so we’re dealing with probably a wave one in an ending diagonal so that this c-wave is an ending diagonal and then um we might want to add here some kind of a trend Channel or something it’s not very reliable but there might be um the price might follow a channel that’s what diagonals like to do we’ll see how that all comes together if this is now a third wave rally that starts then we can base on the data we have and it’s not confirmed yet that the Wave 2 is over you know but if we break above the last swing high at around $84 $85 then this would be um yeah we would get some additional confirmation that the wave two has bottomed now if we measure now um a target for a third wave it actually should already take us above $100 okay so I’d be looking at um a minimum of 106 actually and then we should get a four and a five that could take us to 117 good Confluence with the larger degree seawave Target I have to say so that’s sort of what I’m watching and below $719 the idea of an um an overall bullish WTI count here in the medium term will get challenged because that again that would be too deep for a wave two so I mean ideally The Wave 2 is already in the 50% FIB level is fine fine can still use the entire yellow box if it needs to that’s my update about oil hope you like the update if you did please hit a like button leave a comment and subscribe and if you’re interested in Daily updates about the SNP 500 as well as regular updates about stocks then feel free to check out our stocks and SNP 500 service you’ll find the link in the description thanks a lot for watching bye-bye for [Applause]

WTI Oil Technical Analysis Today – Elliott Wave and Price News, Oil Price Prediction!

—————————————————————————————–
🧿 Links:

Our Stocks and Shares and S&P500 Service:
https://www.patreon.com/MoreTradingOnline

Technical Analysis with TradingView:
https://bit.ly/Crypto_Tradingview

Trade with eToro:
https://etoro.tw/3oFUKCk

Trade with Trading212:
Receive shares worth up to $100:
https://bit.ly/Trading212MCO

CRYPTOCURRENCIES:

Bitget:
Sign up for Bitget via my link: https://partner.bitget.com/bg/MoreCryptoOnline
to get a $15 bonus(For the first 100, first come first served) and to get free access to my foundations trading course (reach out to info@morecryptoonline.com when done). To get free access to the trading course you need to deposit $500 to Bitget and make a trade.

Set up trading bots with 3commas.io:
https://3commas.io/?c=tc1323713

Trade on Coinbase:
Receive $10 in BTC (see terms on website):
https://bit.ly/MCOinbase

Trade on Kucoin:
https://bit.ly/MCOKucoin

Trade on Bybit:
https://www.bybit.com/en-US/invite?ref=WE4091
Code: WE4091

Protect your cryptocurrencies with Trezor:
https://bit.ly/morecryptoonline

Protect your cryptocurrencies with Ledger:
https://shop.ledger.com/?r=0fb3c8be2e46

—————————————————————————————–
🧿 MCO World:

You can find the cryptocurrency channel here:
https://www.youtube.com/channel/UCngIhBkikUe6e7tZTjpKK7Q

You can find our German crypto Youtube channel here:
https://www.youtube.com/channel/UCRRrpK63KNPZMTLbv61UKRw

Please check out the More Crypto Online website:
https://www.morecryptoonline.com/

Official Social Media Links:
Instagram: https://www.instagram.com/morecryptoonline_official/
Twitter: https://twitter.com/Morecryptoonl
LinkedIn: https://www.linkedin.com/company/more-crypto-online/

—————————————————————————————–
🧿 Join the private MoreCryptoOnline membership group:
https://www.morecryptoonline.com/plans-pricing OR
https://www.youtube.com/channel/UCngIhBkikUe6e7tZTjpKK7Q/join OR
https://www.patreon.com/morecryptoonline

🧿 Join the private MoreCryptoOnline foundational video training course:
https://www.morecryptoonline.com/technical-analysis
—————————————————————————————–
⚠️ Very important: ⚠️
– please do not reply to anyone with the MCO logo in the YouTube comments who sends you a Whatsapp number. This is scam!
– please do not join any other MCO Telegram channel than the ones you received the links for. These are all scam!
– You find the official Social Media links down below in the description section.
—————————————————————————————–

☕️ Caffeine:
For additional support you can now buy me a coffee ;-):
https://www.buymeacoffee.com/morecrypto
—————————————————————————————–

Financial Disclaimer:
We are no financial advisors. The ideas presented in this video are personal opinions and for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make. Ideas presented in this video are my opinions at the date of recording and may have changed after recording.