{"id":28383,"date":"2026-06-10T16:05:47","date_gmt":"2026-06-10T16:05:47","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=28383"},"modified":"2026-06-10T16:05:48","modified_gmt":"2026-06-10T16:05:48","slug":"crude-oil-nearing-the-end-triangle","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/crude-oil-nearing-the-end-triangle\/","title":{"rendered":"Crude Oil Nearing The End Of Elliott Wave Triangle Pattern"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude oil reached <strong>85.95<\/strong> this week.<\/li>\n\n\n\n<li>This week\u2019s low could mark the end of a mulit-month triangle.<\/li>\n\n\n\n<li>Crude oil may rally to above <strong>115<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>Crude oil barely punched a new low on Tuesday at <strong>85.95<\/strong>. It is possible to consider a large <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/symmetrical-triangle-pattern\/\">symmetrical triangle<\/a> is completed and that crude oil prices are beginning another uptrend. If Tuesday\u2019s low isn\u2019t the low, a meaningful bottom likely develops between <strong>79 &#8211; 82.25<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Elliott Wave Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"596\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USOIL_2026-06-10_10-59-22-1024x596.png\" alt=\"\" class=\"wp-image-28384\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USOIL_2026-06-10_10-59-22-1024x596.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USOIL_2026-06-10_10-59-22-300x175.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USOIL_2026-06-10_10-59-22-768x447.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USOIL_2026-06-10_10-59-22-1536x894.png 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USOIL_2026-06-10_10-59-22.png 1634w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The current <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave<\/a> pattern shows crude oil may have completed a 3-month triangle pattern at yesterday\u2019s low of <strong>$85.95<\/strong>.<\/p>\n\n\n\n<p>Triangle patterns consist of 5-waves labeled <strong>A-B-C-D-E<\/strong>.&nbsp;<\/p>\n\n\n\n<p>Each wave of the 5-waves must be a zigzag, multiple zigzag, or triangle pattern. Well, it appears wave E of the triangle was a <strong>triple zigzag<\/strong> labeled ((w))-((x))-((y))-((x))-((z)).<\/p>\n\n\n\n<p>There is a cluster of wave relationships sitting near this week\u2019s low.<\/p>\n\n\n\n<p>Wave ((z)) is .618 times the length of wave ((y)) at <strong>85.73<\/strong>.<\/p>\n\n\n\n<p>Wave ((y)) is equal to wave ((w)) at <strong>84.91<\/strong>.<\/p>\n\n\n\n<p>Also, wave E is 78.6% retracement of wave D at <strong>84.87<\/strong>.<\/p>\n\n\n\n<p>With this week\u2019s high just above these levels, crude oil is finding a hard time pushing down to lower levels.<\/p>\n\n\n\n<p>The on again off again peace deal may be setting up for a large rally in crude oil. Initially, prices may spike lower, but I wouldn\u2019t be surprised to find a peace deal formally marks the end of the triangle if this week\u2019s low is not the low.<\/p>\n\n\n\n<p>That may seem counterintuitive at first, but it is common for large Elliott wave patterns to end on news that appears counterintuitive.<\/p>\n\n\n\n<p>The reality of the matter is the crude oil is a physical product and it still remains in short supply even if the Strait of Hormuz is reopened today. This is because it will take time for those tankers to move the oil around the world. Meanwhile, nations continue to draw down their stockpiles of oil.&nbsp;<\/p>\n\n\n\n<p>Once the oil flows again through the Strait, nations will want to rebuild their oil supplies creating a sticky demand for oil several quarters into the future. This shortened supply and sticky demand will help support oil prices for the next several quarters.<\/p>\n\n\n\n<p>If crude oil prices do spike lower, <strong>79 &#8211; 82.25<\/strong> may contain the dip.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>Crude oil appears to have completed a large triangle pattern this week and is poised to rally above <strong>$115<\/strong>.<\/p>\n\n\n\n<p>If today\u2019s low is broken, we suspect new lows will be temporary and hold above the wave \u2018C\u2019 <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/support-and-resistance\/\">support<\/a> low at <strong>$79<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discover the latest Crude Oil Elliott Wave analysis, including key resistance levels and price targets.<\/p>\n","protected":false},"author":160,"featured_media":28390,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-28383","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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