WTI Crude Oil with Elliott Wave Theory AnalysisWTI CRUDE OILTVC:USOILAdamIdris2Current Market Structure WTI is currently forming a retracement wave 4 (marked in the blue circle). The price action is displaying multiple viable wave count interpretations, suggesting a complex consolidation phase before the next directional move. Invalidation Levels Each wave count scenario has a specific invalidation threshold that would eliminate it from consideration: Initial Counting: Invalidated if price closes below $78.97 Alternative 1: Invalidated if price closes below $88.66 Alternative 2: Invalidated if price closes above $105.21 Alternative 3: Invalidated if price closes below wave 1 (blue circle) at $66.48 Analysis Summary The multiple wave count scenarios indicate WTI is in a consolidation phase with significant ambiguity. The retracement structure could resolve into a simple three-wave correction, a symmetrical triangle, or a more complex multi-wave combination. Traders should monitor invalidation levels closely, as a breach of these critical zones will eliminate competing wave counts and clarify the most probable path forward. Disclaimer: This analysis is intended solely for Elliott Wave learning and educational purposes and does not constitute a buy or sell recommendation. Conduct your own technical analysis and risk assessment before trading. All trades carry inherent risk.