{"id":14454,"date":"2025-08-05T17:38:25","date_gmt":"2025-08-05T17:38:25","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=14454"},"modified":"2025-08-05T17:38:25","modified_gmt":"2025-08-05T17:38:25","slug":"crude-oil-sliding-into-support","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/elliott-wave\/crude-oil-sliding-into-support\/","title":{"rendered":"Crude Oil Elliott Wave: Sliding Into Support"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude oil has been consolidating the May rally.<\/li>\n\n\n\n<li>We suspect a bounce rally may develop above $64.03.<\/li>\n\n\n\n<li>A break below $64.03 opens the door to $58.50.<\/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=\"746\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/08\/USOIL_2025-08-05_12-26-04-1024x746.png\" alt=\"\" class=\"wp-image-14455\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/08\/USOIL_2025-08-05_12-26-04-1024x746.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/08\/USOIL_2025-08-05_12-26-04-300x218.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/08\/USOIL_2025-08-05_12-26-04-768x559.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/08\/USOIL_2025-08-05_12-26-04.png 1173w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The analysis of Crude oil on the daily chart suggests that we are observing a corrective consolidation pattern. There are several options of patterns that could be developing. I suspect this is a <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/symmetrical-triangle-pattern\/\">symmetrical triangle<\/a> where the wave (c) of the triangle is complete or nearly complete. This current decline would need to finalize above the wave (a) low of $64.03.<\/p>\n\n\n\n<p>Under this <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave<\/a> count, a small rally in wave (d) would develop then another small decline in wave (e).<\/p>\n\n\n\n<p>Once the triangle is completed, then a rally to retest the new all-time high near $77.10 and possibly higher levels.<\/p>\n\n\n\n<p>There is a <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/support-and-resistance\/\">support trend line<\/a> floating near the current price that may support and cause prices to bounce higher.<\/p>\n\n\n\n<p>If Crude oil were to fall below $64.03, then we\u2019ll consider a larger bearish zigzag pattern unfolding to $58.50. This price level of $58.50 represents the <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\">100% Fibonacci extension<\/a> of&nbsp; wave (a).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>Crude oil appears to be nearing the end of wave (c) of ((iv)), a symmetrical triangle. Once the triangle pattern is completed, then a rally is anticipated to retest $77.10.<\/p>\n\n\n\n<p>If $64.03 were broken to the downside, then Crude oil may target $58.50.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discover the latest Crude Oil Elliott Wave analysis, including key support levels, trends, and price targets.<\/p>\n","protected":false},"author":160,"featured_media":14459,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-14454","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 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crude Oil Elliott Wave: Sliding Into Support - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Discover the latest Crude Oil Elliott Wave analysis, including key support levels, trends, and price targets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/elliott-wave\/crude-oil-sliding-into-support\/\" \/>\n<meta property=\"og:locale\" content=\"sv_SE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude Oil Elliott Wave: Sliding Into Support - 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