Posted: June 13, 2025
Crude Oil continues to advance within a developing impulsive wave structure, currently tracking wave 3 of a larger 5-wave sequence. After a parabolic rise, price may now enter a wave 4 pullback before the next leg higher unfolds.
After a strong wave 3 rally, WTI may now correct into wave 4 toward 70–68 before resuming its uptrend into the 78–84 zone.
🔍 Elliott Wave Structure
- Wave 3 appears to be nearing completion after breaking out of the channel.
- A corrective wave 4 pullback is expected to retest the upper or midline of the channel, possibly aligning with prior structure near 70.00–68.00.
- The final advance in wave 5 could target levels above 78.00, with fib extensions suggesting room toward 84.00.
⚠️ Key Levels
- Support zone for wave 4:
- 70.00–68.00 (channel + prior structure)
- Upside targets:
- 78.00 (initial wave 5 projection)
- 84.00+ (extended 5th scenario)
🧭 Outlook
- Short-term: Bearish pullback expected into wave 4
- Medium-term: Bullish continuation into wave 5 upon completion of correction