close icon

Crude Oil Reaches Bullish Target Amid New Lockdowns

What will WTI Crude Oil bring next? That is the subject of discussion in our latest premium analysis! Order and receive TODAY!

COVID-19 returned with a new force in Europe after the warm summer months. Countries around the continent have entered new lockdowns in an attempt to curb the virus’ spread. The situation in the U.S. has never been worse with roughly 200 000 cases per day. But unlike during the first wave of measures, crude oil is actually rising this time.

The price of crude oil is up 35% in November. It’s recovery, which Elliott Wave analysis helped us prepare for in advance, began from $33.78. However, picking tops and bottoms has never been our preferred trading strategy. Instead, we think joining the trend after a reversal is actually in place makes a lot more sense. With that in mind, we sent the following chart to subscribers on Wednesday, November 4th.

crude oil Elliott wave forecast on November 4th

The chart revealed a complete corrective decline, labeled a)-b)-c), from $43.84 to $33.78. We though that as long as the latter held, targets above $44 a barrel were plausible. The Elliott Wave logic behind our bullishness was simple.

Crude oil has been rising prior to this three-wave decline. According to the theory, once a correction is over, the larger trend resumes. Hence, as long as $33.78 remained intact, it made sense for the price to reach the August top and then some. Three weeks later now, it is approaching $46.

$33.78 was far from danger the whole time. The bulls took off almost right away and never looked back. The August top was exceeded yesterday. Today’s additional gains bring this setup’s return to 19.5% since November 4th. Judging from the recent COVID-19 developments, traders would never have caught that move. Elliott Wave analysis, though, helped us see it coming.

What will WTI Crude Oil bring next? That is the subject of discussion in our latest premium analysis! Order and receive TODAY!

Stay informed with our newsletter

Latest Elliott Wave analysis on different topics delivered to you weekly.

Privacy policy
You may also like:

Crude Oil Recouped the Omicron Losses. Here’s Why

It’s been roughly a month since the new Omicron variant emerged and threatened to bring back curbs to slow its spread. The initial impact on the price of crude oil was a dramatic decline to $62.23 on December 2nd. Yesterday, however, and despite new anti-Covid measures across Europe, WTI reached $77.15. In other words, almost…

Read More »

Ahead of the 14% Crude Oil Dive with Elliott Wave

The crude oil market is capable of going from a state of oversupply to one of not enough supply in relatively short time. OPEC and Russia’s decisions and the fact that in a normal year the world consumes over 100 million barrels of oil daily cause the pendulum to swing from glut to deficit quite…

Read More »

Chevron Stock Doubled in a Year, Can Go Higher Still

A year ago it seemed like all hell was breaking loose on the oil industry. Even oil majors like Chevron couldn’t escape the carnage. First it was the pandemic, which forced governments to close businesses and restrict travel. Then, the Russia-Saudi Arabia oil price war worsened the situation as the two countries failed to negotiate…

Read More »

Crude Oil – The Elliott Wave Reason for the Reversal

At the start of last week crude oil was trading at less than $36 a barrel. It was down from $43.84 in August and from $41.91 on October 20th. Fortunately, Elliott Wave analysis helped us prepare for this selloff in advance. So, when the weekly session began, the price of crude oil was down 14%…

Read More »

Crude Oil Bears Make the Most of Their Time to Shine

After the market broke during the pandemic panic and crude oil prices fell into negative territory, a quick and sharp surge followed. WTI climbed to $43.84 a barrel in late-August. But the crisis was far from over and the Elliott Wave principle helped us correctly predict the bearish reversal that came next. Now, crude oil…

Read More »

Crude Oil Gave Bulls a Clear Warning Before it Dropped

It’s been a bad couple of weeks for crude oil bulls. The price had been steadily climbing for months, up over 300% since late-April. In the last days of August, WTI crude oil reached almost $44 a barrel. By September 8th, however, the price was below $36.50. This 17% drop can be explained with the…

Read More »

Bullish Crude Oil Bet Pays Off Against All Odds

When it comes to the crude oil market, last month was one for the history books. The coronavirus pandemic forced the global economy to grind to a halt. This led to a sharp decline in oil consumption, while production was too slow to adapt. As a result, there was plenty of oil nobody wanted as…

Read More »

More analyses