Key Points
- Crude oil broke beneath the previous $86.016 low, extending its bearish structure.
- Four green wave subdivisions now define the latest downward sequence.
- Another decline remains projected after a potential short-term rebound.
Crude Oil Price: USOilSpot traded at $84.059 at 8:20 a.m. New York time. The four-hour chart records a daily high of $86.057 and low of $83.057, against an opening price of $85.553.
Crude Oil Elliott Wave Analysis
The bearish continuation anticipated in the November 9 crude oil outlook has materialized, with prices extending below the previously established downside reference.
The updated Elliott Wave count retains red wave 4 at the earlier corrective peak, while green waves (1) through (4) now define the subsequent decline.
This development supports continued bearish pressure, although the blue projection allows a brief recovery before another downward extension.
The $83.054 continuation marker remains marginally below the displayed session low, leaving a further breakdown unconfirmed.
Technical Analysis for November 10, 2026
- Trend: Bearish.
- Wave Structure: Green (4) provisionally labeled.
- Downside Continuation: $83.054.
- Invalidation: $97.890.
- Projected Path: Brief rebound followed by renewed downside.
Trader's Question: Would a move below $83.054 strengthen the bearish outlook?
A sustained break would provide additional evidence of continuation, but the projected downward extension would still require confirmation through subsequent price development.