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Crude Oil prices are showing a constructive technical structure based on short-term Elliott Wave analysis, pointing toward potential target zones near $100.6 per barrel. The primary trend turned bullish following a five-wave impulse advance from its interim lows, which completed wave (A) at $93.50. This strong upward momentum demonstrated solid buying interest in energy markets. Following the peak of wave (A), the commodity underwent a controlled three-wave corrective pullback, finding solid structural support near $74.17. This corrective phase helped clear overbought conditions and laid the technical groundwork for the next leg higher within the broader wave structure. Energy analysts note that holding above key support zones remains essential for sustaining this positive technical bias. Moving forward, traders will closely track whether crude oil can maintain its upward trajectory toward the projected $100.6 objective. Beyond technicals, supply and demand fundamentals, geopolitical developments, and OPEC+ policy decisions will play a pivotal role. A failure to hold above established support levels would invalidate the current Elliott Wave count and prompt a reassessment.
