Automatic wave scan: as of 4 Nov 2026, the automatic daily count for Crude Oil is Wave 5 down with a bearish bias. The count stays valid while price holds 110.48.
Current Crude Oil wave count
Automatic wave scan Updated daily from the latest daily close (4 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave decline that began at 86.87 on 31 Jul 2026. Next levels to watch are 89.38 and 67.73. The count fails on a daily close above 110.48.
Key levels
| Type | Levels |
|---|---|
| Resistance | 110.48 · 106.75 |
| Support | 86.86 · 74.24 |
| Invalidation | 110.48 |
What is Crude Oil?
West Texas Intermediate (WTI) is a light, sweet crude oil. Its futures trade on NYMEX, part of CME Group, with delivery at Cushing, Oklahoma. Each contract covers 1,000 barrels.
In April 2020, the May WTI contract fell below zero for the first time, briefly settling near minus $37 a barrel, as storage space ran out during the pandemic. The event showed how futures expiry and storage limits can affect prices.
What moves the Crude Oil price?
- OPEC+ supply decisions: Production cuts or increases by OPEC and its partners move prices quickly.
- US inventories: The weekly EIA petroleum status report shows changes in crude stocks.
- Global growth: Strong economic activity raises fuel demand.
- Geopolitics: Conflicts in producing regions can add a risk premium.
- US dollar: A weaker dollar tends to support oil prices.
How Crude Oil moves in Elliott Wave terms
Crude oil makes large, fast waves in both directions. It is known for deep corrections and sharp reversals, so traders should expect wave 2 pullbacks of 61.8 percent or more. Triangles often form before final moves.
Because supply news can change direction overnight, Elliott Wave counts on oil need clear invalidation levels.
Tips for counting Crude Oil waves
Note the Wednesday EIA inventory report and OPEC+ meeting dates. Compare the count with Brent crude and USD/CAD.
Crude Oil key facts
Crude Oil Elliott Wave FAQ
What is the difference between WTI and Brent?
WTI is the US benchmark delivered at Cushing, Oklahoma. Brent is the global benchmark based on North Sea crude. They usually trade close together.
Why did oil go negative in 2020?
Demand collapsed during the pandemic and storage at Cushing nearly filled, so holders of expiring contracts paid others to take delivery.
When is the EIA oil inventory report?
Usually on Wednesdays at 10:30 New York time.
Sources and further reading
- Short-Term Energy Outlook (U.S. Energy Information Administration)
- Weekly Petroleum Status Report (U.S. Energy Information Administration)
- Crude Oil futures contract specs (CME Group)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
