"Crude Oil’s Next Wave: A Bearish Ride Down the Elliott Ladder

Looking at the CL weekly chart through an Elliott Wave lens, I’m seeing a compelling setup for a bearish move in crude oil. The price action suggests we’re poised to break below the key support zone between $67 and $65—a level that’s held firm but looks ready to give way. If this plays out, I’d expect a drop toward the $54 area, and should momentum really kick in, we could even see $50 as the next target. The wave structure aligns with a classic corrective decline, and the momentum indicators are hinting at exhaustion in the prior uptrend.

What’s your take on this—any counters or confirmations from your charts?