## Crude Oil: Is Wave 3 Beginning, or Is One More Correction Still Ahead?

From the largest Elliott Wave perspective, crude oil remains within the final fifth wave of the highest degree.

Following the completion of the larger-degree Wave 4, an entire eight-wave cycle appears to have been completed. The market has now reached a critical point where two primary scenarios remain valid.

### Aggressive Scenario

The bullish interpretation suggests that Waves 1 and 2 of Wave 3—within the larger fifth wave—have already been completed.

This count is supported by three nested impulsive structures across three different degrees, a configuration that often precedes a powerful acceleration in trend.

If this interpretation is correct, the market has likely entered the early stages of Wave 3, where momentum typically begins to strengthen.

### Conservative Scenario

The conservative interpretation remains equally valid.

Under this scenario, the market is still developing Wave (II), and Wave C has yet to complete a classic Zigzag correction. If this view proves correct, one more corrective decline may be required before the larger bullish trend resumes.

### What Will Confirm the Correct Scenario?

At this stage, neither scenario has been confirmed.

The key invalidation levels highlighted on the chart, together with future price action and the structure that develops from this point forward, will determine which path the market ultimately follows.

The objective of this analysis is not to predict the future, but to allow market structure to reveal its own direction.

The real question is not simply where price is headed...

**It is: What structure is the market preparing to build?**

*Patterns whisper. I listen.*

— **Mr. Nobody**

CFDs on Crude Oil (WTI)
Jul 14
Reading the Character of the Next Market Cycle

CFDs on Crude Oil (Brent)
Jul 29
Is Wave 3 Beginning, or Is One More Zigzag Still Ahead?