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Crude Oil Forecast

Crude Oil Forecast

WTI Crude Oil Forecast for October 23, 2026

EWM Team1 min read

WTI crude oil (USOilSpot) shows a bearish short-term outlook on the hourly chart, despite recovering to 100.409. The Elliott Wave count identifies wave (i) completed at 101.051, followed by a sharp wave a decline toward the annotated 95.052 target area. The subsequent A-B-C recovery culminates in wave b near 101.00, suggesting renewed selling pressure may follow. The blue projection anticipates a downward continuation toward 95.052, with 98.00 representing an intermediate price reference. The chart explicitly marks 101.051 as the bearish invalidation level. A sustained move above this threshold would challenge the current wave interpretation, while rejection beneath it would strengthen the projected decline.

WTI Crude Oil Forecast for October 23, 2026

Technical Summary of WTI Crude Oil Price for October 23, 2026

  • Trend: Bearish
  • Key Support: 98.00 (approximate); 95.052 (annotated target)
  • Key Resistance: 101.00 (approximate); 101.051 (invalidation)
  • Projected downside zone 95.00–95.052.

Trader's Question: Has WTI completed wave b and started another bearish sequence?

The labeled A-B-C recovery suggests wave b may be complete, but a sustained reversal below the recent recovery structure is needed to confirm the next decline.

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Crude Oil Forecast

Crude Oil Forecast for October 22, 2026

EWM Team1 min read

WTI (crude oil) maintains a bullish broader structure on the 4-hour chart, with the displayed price at 98.451 following an advance from 86.322 to 101.051. The Elliott Wave count identifies the rally as wave (v), completing wave a, while the preceding low is labeled wave X. The projected blue path suggests a corrective wave b decline toward approximately 93.00 before a potential renewed advance toward 102.00. Recent consolidation beneath 101.051 indicates weakening upward momentum, although the broader recovery structure remains intact. A break below 96.00 would strengthen the corrective scenario, while sustained movement above 101.051 would challenge the expectation of an immediate pullback.

crude-oil-forecast-for-october-22-2026

  • Trend: Bullish
  • Key Support: 96.00 (approximate); 93.00 (projected)
  • Key Resistance: 100.00; 101.051
  • Projected corrective zone 93.00–96.00.

Trader's Question: Will WTI oil correct lower before resuming its advance?

The completed wave a labeling and projected wave b favor a temporary decline toward 93.00, followed by a possible recovery toward 102.00.

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Market guide

About Crude Oil Forecast

Crude Oil is one of the most widely followed commodities in the global financial markets. Oil prices are closely monitored by traders, investors, financial institutions, businesses, and market analysts because of their importance to the global economy and energy markets. Crude Oil is generally priced in US Dollars and is influenced by global supply and demand, economic conditions, geopolitical developments, and energy-market dynamics.

Crude Oil Forecast and Analysis

Our Crude Oil Forecast provides updated market analysis focused on the potential direction of Oil prices. Our analysis covers different timeframes and may include market trends, support and resistance levels, price structure, and potential bullish or bearish scenarios.

At Elliott Wave Monitor, we use Elliott Wave analysis together with technical analysis to study the structure of the Crude Oil market and identify potential price movements. Each analysis is based on the latest available price action and market structure.

What Affects Crude Oil Prices?

Crude Oil prices are influenced by a range of economic, financial, and geopolitical factors, including global supply and demand, economic growth, energy consumption, production levels, and changes in the global economy.

The decisions of OPEC and other major Oil-producing countries can have a significant impact on global Oil supply and prices. Geopolitical tensions, conflicts, sanctions, and unexpected disruptions to Oil production or transportation can also affect market conditions and increase price volatility.

The US Dollar is another important factor because Crude Oil is predominantly priced in US Dollars. Changes in the value of the US Dollar can influence Oil prices and international demand for the commodity.

Oil inventories, refinery demand, interest rates, energy policies, and global economic conditions can also influence Crude Oil prices.

Crude Oil Technical Analysis

Crude Oil Technical Analysis can help traders study important price levels and market structures. Our analysis may include support and resistance levels, trend direction, Elliott Wave counts, potential reversal areas, and different market scenarios.

As market conditions change, technical scenarios can also develop or become invalidated as new price information becomes available. For this reason, our latest Crude Oil analysis is regularly updated on this page.

Latest Crude Oil Forecast

This page brings together the latest Crude Oil Forecast and Crude Oil Analysis from Elliott Wave Monitor. New analysis posts are published regularly, allowing readers to follow Oil price movements across different market conditions and timeframes.

Whether you are looking for a Crude Oil forecast, Oil price analysis, WTI analysis, Brent analysis, Oil technical analysis, or Elliott Wave analysis, this page provides a central place to follow our latest market updates and potential price scenarios.