Crude oil (USOilSpot) is trading at $86.005 as of 11:35 a.m. New York time, up 0.63% from today's opening price of $85.463. The intraday high stands at $86.746, while the low reached $84.226, producing a trading range of $2.520.
Crude Oil Elliott Wave Analysis – H4
The latest Elliott Wave count marks a substantial structural development following the November 11 crude oil analysis, which anticipated renewed selling after a fourth-wave rebound. The updated chart retains the completed peak labeled red A, green circled V, purple (v), and blue v, but now identifies the subsequent decline as red wave B, ending alongside green c and purple (v). Its internal structure includes green a–b–c and the purple subdivisions (i) through (v), indicating that the previous bearish extension has reached a provisionally completed corrective endpoint. Consequently, the projected direction has shifted upward, with the blue arrow anticipating a recovery from the recent low. A move above $87.609, explicitly marked for upside continuation, would strengthen the bullish scenario. Conversely, a break below $83.054 would signal renewed downside continuation and challenge the proposed completion of wave B. The anticipated recovery remains unconfirmed.
Technical Summary – November 12, 2026
- Trend: Bearish decline followed by a projected bullish recovery
- Current Elliott Wave: Red B, green c, and purple (v) labeled at the recent low
- Higher-Degree Structure: Red A followed by red B
- Key Support: $84.226 intraday low
- Downside Continuation: $83.054
- Key Resistance: $87.609
- Next Price Target: Above $87.609 conditionally; no final upside target specified\
Trader's Question: Does the completion of wave B confirm a bullish reversal in crude oil?
Not yet. Although the latest count places red wave B at the recent low, the upward move remains projected. A break above $87.609 would provide stronger evidence of upside continuation, while a decline below $83.054 would challenge the recovery scenario.