Key Points
- Crude oil has rebounded, giving the latest fourth-wave correction a clearer structure.
- The broader bearish Elliott Wave count remains unchanged.
- Another downward extension is projected, with $83.054 remaining a key reference.
Crude Oil Price
USOilSpot traded at $86.531 at 10:13 a.m. New York time. The four-hour chart records a daily high of $86.577 and low of $84.838, against an opening price of $85.470.
Crude Oil Elliott Wave Analysis
The temporary recovery anticipated in the November 10 crude oil forecast has become more pronounced, without altering the prevailing downward scenario.
The latest count retains red wave 4 at the earlier corrective peak, while green wave (4) is now positioned near the most recent rebound high.
This development suggests that the countertrend recovery may be approaching completion. The blue projection subsequently favors another bearish extension, although the renewed decline remains unconfirmed.
Technical Analysis for November 11, 2026
- Trend: Bearish.
- Wave Structure: Green (4) provisionally complete.
- Downside Continuation: $83.054.
- Invalidation: $97.890.
Trader's Question: Has the rebound invalidated the bearish scenario?
No. The recovery remains consistent with a fourth-wave correction. Confirmation of renewed selling requires further price action rather than the projected path alone.