Crude oil is bearish, and it’s coming nicely lower as expected by Elliott wave theory, even on the intraday basis in the past two weeks, as we will represent below that our members received in paid membership. 

On April 22, we were tracking an a-b-c correction within downtrend, where wave “c” was forming an ending diagonal pattern, so we warned about limited upside and resistance at 66 area for the final subwave (v) of the wedge pattern within “c” before bears show up again.

TIP: Keep in mind that ending diagonals are powerful patterns, so they need special attention by our analysts.

Crude Oil 1H Chart From April 22 2025

Later on April 25, we got that reversal from projected resistance after a completed ending diagonal a.k.a. wedge pattern within wave “c”, so we pointed out that more weakness is coming after an intraday pullback.

TIP: Top was in place, so more weakness was in view based on this powerful pattern.

Crude Oil 1H Chart From April 25 2025

On April 29, it made a nice intraday pullback, which we saw it as a bearish setup formation with waves “i” and “ii” that caused a nice bearish set-up.

Crude Oil 1H Chart From April 29 2025

Later on May 02, it extended nicely lower below base channel support line within a projected wave “iii”, but we mentioned and highlighted that more downside can be seen for wave “v” after a wave “iv”, right into the base channel resistance.

TIP: When base channel is broken in wave three, that same lower line can act as resistance after wave four retracement.

Crude Oil 1H Chart From May 02 2025

As you can see, on May 05 Crude oil retested the previous intraday lows for wave “v”, which actually confirms the bearish trend, so we can expect more weakness after a corrective pause.

TIP: Elliott wave pattern suggests that market will change a direction when five wave move is nearing the end

Crude Oil 1H Chart From May 05 2025

By today, on May 7th Crude is already back above 59.00. Our members also recenvied a Trading note by our team, based on this clear recognizable wave pattern.

For more analysis like this, you may want to watch our latest recording of a live webinar streamed on May 05 2025. Direct Link.

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