More interesting setups are now emerging in Crude and in this article, I explain each step of the analysis and what the current Elliott Wave structure could indicate.

Below are the charts that explain the perfect reversal around the $68 zone. The key learning here is how Elliott Waves prepared us for this reversal well ahead of time.

Expectation of the Reversal - June 2026

Actual Reversal - July 2026

What Next?

Since our expectation for Crude is $120+, I started counting an impulse wave from the low of $67.04. Based on the current wave structure, the 3rd wave, assuming there is no extension, could potentially reach the $108–$110 zone. 

So, my expectation is that any pause or pullback in this uptrend could occur only after Crude reaches the $108–$110 zone. However, a breakout above this zone could bring further strength, as we are already in an uptrend.

The price can move directly toward the $108–$110 zone. However, if we see any consolidation or pullback along the way, the following could be a possible trajectory.

Crude Towards $120

If the price moves as per this projection, Waves 4 and 5 may form over the coming days or weeks, with the 5th wave of this impulse potentially reaching the $120 zone in Crude.

Kindly note that this projection is based on a normal impulse wave. If any wave gets extended, the price expectation may change, but the overall direction may remain unchanged.

When Should This View Be Changed or Altered?

If the price declines directly below $87, the current wave count would need to be reassessed and potentially altered.

How Elliott Waves Prepare Us in Advance

As an example of how Elliott Wave analysis can help identify potential reversals well in advance, I had shared in March 2025 itself that Crude was approaching a very important support zone and that a reversal could be expected from that zone. This is one of the examples that demonstrates how Elliott Wave analysis helped us identify the potential turning point well ahead of the actual reversal.

March 2025 Chart - Complex correction ends at “Z”

In February 2026, I had already shared this expectation that Crude could rise toward $100. If you notice the date, this analysis was shared on 19 February 2026, well before the U.S.–Iran war began on 28 February 2026. 

This is another example of how Elliott Wave analysis can help identify potential price movements before the event that later becomes a major market catalyst.

February 2026 Chart

Elliott Waves did not just help us identify the long-term direction; they also captured the short-term price action with remarkable precision.

Elliott Wave analysis can help us anticipate potential price action well ahead of time. As I always say, preparedness is the key to success in the markets.

NOTE : As always, wave analysis is not about predictions; it’s about preparation. Understanding the wave structure helps traders stay ahead of major moves, avoid traps and approach the market with clarity instead of emotion

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