{"id":5782,"date":"2024-09-11T22:06:09","date_gmt":"2024-09-11T22:06:09","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=5782"},"modified":"2025-05-14T09:09:04","modified_gmt":"2025-05-14T09:09:04","slug":"crude-oils-slick-slide","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/crude-oils-slick-slide\/","title":{"rendered":"Crude Oil\u2019s Slick Slide: Downtrend Set to Spill Further (Elliott Wave)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude oil continues to trend lower<\/li>\n\n\n\n<li>Any rallies likely hold below $70 and lead to further declines<\/li>\n\n\n\n<li>Downside targets include $61-63, and mid-50\u2019s<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Crude Oil Elliott Wave Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image animated zoomIn\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfs-SoyE-lX6ipqFODRxic2OInI8RzflOoipLUIPTLzaQsg2-xAWOFQ9W7KQ4W28tAKYqB5BhD8Ixkg_E8H_Qc8Un9yDegk6p_qli-F2YaddLkFVvZpsv9d5jCYNPGsdA-7Iy36MdJzDDsMCzEHjR-XcDH7?key=CvfY7Zh-4KVeC1Vc_ofYfQ\" alt=\"\" \/><\/figure>\n\n\n\n<p>Crude oil has been skidding for several weeks. Crude oil prices are now sitting near support that projects back to H1 2023.&nbsp;<\/p>\n\n\n\n<p>This has been no surprise to us as we <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/crude-oil-brief-high-before-spilling\/\">forecasted a decline in crude oil prices<\/a> that would carry to the low 60\u2019s and possibly mid-50\u2019s.&nbsp;<\/p>\n\n\n\n<p>Our Elliott wave analysis shows we are in the midst of a third wave decline. Wave 3\u2019s, in the Elliott wave sequence, tend to be the longest and the strongest wave. Therefore, a persistent decline below the support shelf of 2023 likely carries crude oil down to $61-63.<\/p>\n\n\n\n<p>If crude oil prices were to rally, the Elliott wave model we are following suggests those rallies would be temporary and likely hold below $70 en route to the $61-63 target.<\/p>\n\n\n\n<p>Once the target of $61-63 is reached, that likely terminates wave (iii) of ((iii)). That wave pattern suggests a couple more unfolding rallies and declines that could push crude oil down into the mid-50\u2019s.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>Crude oil in the middle of a wave 3 decline. Some support may be found near $64 but any bounces are anticipated to be temporary and hold below $70.<\/p>\n\n\n\n<p>A cluster of wave relationships appear in the $61-63 range with even lower levels possible to the mid-50\u2019s.<\/p>\n\n\n\n<p><strong><em>You might also be interested in:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/silver-shine-and-climb\/\">Shine and Climb (Silver Elliott Wave)<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usd-chf-melts-like-chocolate\/\">USDCHF Melts Like Chocolate (Elliott Wave)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Elliott wave analysis of crude oil forecasts a continued decline that may fall to $61-63.<\/p>\n","protected":false},"author":160,"featured_media":5783,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-5782","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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