WTI Crude Oil Elliott Wave Analysis
WTI crude oil is the benchmark for US oil prices. It is influenced by OPEC decisions, US shale production, global demand, and geopolitical events.
Oil forms impulsive waves during supply shocks and extended corrections during oversupply periods. Wave structures on the weekly chart reflect OPEC production cycles. Daily chart offers good trading setups.
Key levels at $60, $70, $80, $90. OPEC+ decision dates create volatility clusters.
Oil wave counts should always be cross-referenced with USD/CAD. Divergence between oil and USD/CAD wave structures signals an impending correction.
H4 Wave Count
4-hour timeframe for precise entry timing
Daily Wave Count
Primary trading timeframe structure
Weekly Wave Count
Macro context and trend direction
Fibonacci Targets
Precise price targets from wave structure
Invalidation Levels
Exact price where the count is wrong
Alternative Scenario
What happens if the primary count fails
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Updated before London open, every trading day. H4, Daily, and Weekly wave counts with precise Fibonacci targets.