West Texas Oil (WTI)
**Comprehensive Analysis of West Texas Oil (WTI) Using Elliott Wave and Fibonacci Tools**
1. **Elliott Wave Framework**
The price of WTI oil is currently within a three-wave corrective zigzag pattern (ABC), where wave C unfolds as a contracting triangle (ABCDE). At present, the price is in wave D, and wave E is expected to complete within the key support zone between 88.229 and 90.326.
2. **Application of Fibonacci Retracement**
- Wave B retraces approximately 61.8% of wave A, which aligns well as a confirmation of wave B’s endpoint.
- The target zone for wave E coincides closely with the 78.6% Fibonacci retracement level of the preceding wave C, reinforcing this area as a strong support.
- The end of wave E is anticipated to mark the start of a new upward impulse wave, with initial targets reaching at least the previous high at wave B and potentially extending to the 161.8% Fibonacci extension of wave A.
3. **Key Support Zone**
The support range between 88.229 and 90.326 is critically important—confirmed both by Elliott Wave structure and significant Fibonacci levels—and is the likely pivot point for the anticipated bullish reversal.
4. **Price Movement Forecast and Targets**
Following the completion of wave E, a new bullish trend is expected to commence, with initial price targets around 114–120 USD, validated by Fibonacci expansion levels. A breakout above this resistance area could activate higher targets.
5. **Risks and Risk Management**
If the critical support zone (88.229) is breached, a more complex corrective pattern and further downside cannot be ruled out. Therefore, prudent risk management is essential around this key level.
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**Summary:**
The corrective structure of WTI oil is positioned at a key support area that coincides with the 78.6% Fibonacci retracement and Elliott Wave counts. After completing wave E, a significant upward trend is expected, with price targets near 120 USD. Careful risk management at this pivotal support zone is highly recommended.
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4/27/2026
1. **Elliott Wave Framework**
The price of WTI oil is currently within a three-wave corrective zigzag pattern (ABC), where wave C unfolds as a contracting triangle (ABCDE). At present, the price is in wave D, and wave E is expected to complete within the key support zone between 88.229 and 90.326.
2. **Application of Fibonacci Retracement**
- Wave B retraces approximately 61.8% of wave A, which aligns well as a confirmation of wave B’s endpoint.
- The target zone for wave E coincides closely with the 78.6% Fibonacci retracement level of the preceding wave C, reinforcing this area as a strong support.
- The end of wave E is anticipated to mark the start of a new upward impulse wave, with initial targets reaching at least the previous high at wave B and potentially extending to the 161.8% Fibonacci extension of wave A.
3. **Key Support Zone**
The support range between 88.229 and 90.326 is critically important—confirmed both by Elliott Wave structure and significant Fibonacci levels—and is the likely pivot point for the anticipated bullish reversal.
4. **Price Movement Forecast and Targets**
Following the completion of wave E, a new bullish trend is expected to commence, with initial price targets around 114–120 USD, validated by Fibonacci expansion levels. A breakout above this resistance area could activate higher targets.
5. **Risks and Risk Management**
If the critical support zone (88.229) is breached, a more complex corrective pattern and further downside cannot be ruled out. Therefore, prudent risk management is essential around this key level.
---
**Summary:**
The corrective structure of WTI oil is positioned at a key support area that coincides with the 78.6% Fibonacci retracement and Elliott Wave counts. After completing wave E, a significant upward trend is expected, with price targets near 120 USD. Careful risk management at this pivotal support zone is highly recommended.
---
4/27/2026