- Crude oil has retreated sharply from its latest wave-labeled peak.
- Blue wave v and purple wave (i) appear complete under the revised Elliott Wave count.
- The projected correction could eventually extend toward approximately $94.
Crude Oil Price
USOilSpot was quoted at $98.659 at 8:09 a.m. New York time, below its daily opening price of $102.016. The displayed session low stands at $98.260.
Crude Oil Elliott Wave Analysis
Oil's latest decline introduces a material change to the bullish continuation structure discussed in the October 30 four-hour Elliott Wave outlook.
The updated count positions red wave 5, blue wave v, and purple wave (i) at the recent peak, suggesting the preceding advance may have concluded. Subsequent selling has shifted attention toward a developing corrective phase.
The blue projection anticipates further weakness toward approximately $97, completing a potential wave a, followed by a rebound near $100. A subsequent decline toward the $94 area remains projected rather than confirmed.
Technical Analysis for November 2, 2026
- Trend: Bearish near-term correction.
- Elliott Wave: Purple (i) provisionally complete; blue a projected.
- Next Price Path: Approximately $97 → $100 → $94.
- Invalidation Level: $104.026.
Trader's Question: Would a rebound toward $100 invalidate the bearish outlook?
Not necessarily. The projected recovery forms part of the corrective sequence. The chart identifies $104.026 as the level that would invalidate the current bearish scenario.