Price action: USOilSpot is at 103.417, up 1.38% from the day open of 102.007. The displayed high is 103.997, the low is 101.486, and the intraday range is 2.511. These figures may change before the session closes.
Elliott Wave analysis: The daily chart retains its rising-channel structure from the low labeled blue (X) and red C, with green i, ii, iii, and iv marked along the advance. Its drawn path projects a move to green V and red A, followed by a sizable pullback and then a renewed rise; those legs remain projections, not completed moves.
On the 4-hour chart, magenta (i) and (ii) frame the larger advance, while the smaller-degree count shows blue i with red circled ⑤ near the upper end. The chart projects a blue ii pullback toward the 50.0% retracement line, then an upward move; the printed upside reference is 103.997. Neither chart confirms that its projected next leg has begun. The daily invalidation is 67.083 and the 4-hour invalidation is 95.046. I could not retrieve the immediately preceding published USOilSpot reports for these timeframes, so this update is based on the supplied charts and does not claim report-to-report continuity.
Technical Summary
- Daily trend: Rising structure; green V and red A are projected ahead.
- 4-hour structure: Blue i with red circled ⑤ near the upper end; blue ii pullback is projected toward the 50.0% retracement line.
- Upside reference: 103.997 on the 4-hour chart.
- Invalidation levels: Daily 67.083; 4-hour 95.046.
- Confirmation: The projected pullback and subsequent rise remain unconfirmed.
Trader Q&A: Has the 4-hour pullback to the 50.0% line started?
Answer: The chart projects that pullback, but the image does not confirm it has begun.