{"id":7797,"date":"2025-01-17T21:03:34","date_gmt":"2025-01-17T21:03:34","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=7797"},"modified":"2025-05-12T12:21:53","modified_gmt":"2025-05-12T12:21:53","slug":"crude-oil-topping-off-tank","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/crude-oil-topping-off-tank\/","title":{"rendered":"Crude Oil Elliott Wave: Topping Off The Tank"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The current bullish trend for Crude Oil may be nearing the completion of a corrective rally.<\/li>\n\n\n\n<li>Key resistance lies near $80.76, with <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\">Fibonacci extensions<\/a> pointing this area as a possible upside target.<\/li>\n\n\n\n<li>A break below the grey trendline (near $76.50) would indicate a change in trend direction.<\/li>\n<\/ul>\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=\"677\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/01\/USOIL_2025-01-17_14-28-22-1024x677.png\" alt=\"\" class=\"wp-image-7798\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/01\/USOIL_2025-01-17_14-28-22-1024x677.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/01\/USOIL_2025-01-17_14-28-22-300x198.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/01\/USOIL_2025-01-17_14-28-22-768x508.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/01\/USOIL_2025-01-17_14-28-22.png 1335w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave analysis<\/a> of Crude Oil on the 4-hour chart suggests that we are observing a double zigzag corrective rally labeled ((w))-((x))-((y)). From a higher degree perspective, the market appears to be in wave 4 of a larger five-wave cycle. This rally is likely completing the fourth wave of a &#8220;diagonal&#8221; formation, which is characterized by overlapping waves.&nbsp;<\/p>\n\n\n\n<p>This makes the final wave higher ((y)) of 4. When wave 5 of the <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/falling-wedge-pattern\/\">falling wedge pattern<\/a> begins, it likely trends lower to retest $65 and possibly lower levels.<\/p>\n\n\n\n<p>On the lower degree, the immediate movement could still have some room to run toward the upper boundary of the diagonal near $80.76. However, any price failure below the $76.50 (the grey upward sloping support trend line) would suggest a wave 4 top is in place and that wave 5 has begun.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>Crude oil appears to be placing the finishing touches on a corrective rally making for a larger wave 4 of a diagonal pattern. Once wave 4 is in place, then Crude oil prices would break below the grey support trend line signaling the beginning to wave 5. Wave 5 would trend lower and likely retest the $65 lows.<\/p>\n\n\n\n<p><strong><em>You might also be interested in:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-alchemy-markets wp-block-embed-alchemy-markets\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"AfbTLguruz\"><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-wave-4-takes-center-stage\/\">Gold Elliott Wave: Wave 4 Takes Center Stage<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Gold Elliott Wave: Wave 4 Takes Center Stage&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-wave-4-takes-center-stage\/embed\/#?secret=2G7XLWcgIF#?secret=AfbTLguruz\" data-secret=\"AfbTLguruz\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Discover the latest Crude Oil Elliott Wave analysis, including key resistance levels and price targets, as the market nears completion of its bullish cycle.<\/p>\n","protected":false},"author":160,"featured_media":7800,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-7797","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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