Macro

Oil Tumbles on Iran Ceasefire Relief as Bearish Wave ResumesApr 8, 2026

Crude oil has made a clean rejection from the upper side of the corrective channel, and it now looks like the bearish sequence is resuming into wave C. Price is also approaching the lower boundary of the channel near 93, and a break there would further confirm downside continuation. This suggests that the three-wave move in wave B is complete, and we could now see a stronger decline. Based on the broader Elliott Wave structure from the March highs, there is room for a deeper move lower, potentially even toward the 70 area. That would fit the idea of a higher degree wave E on the daily chart, which could complete the larger corrective cycle.

Move down on oil could support other markets, especially stocks, while the dollar may slow down.

Crude Oil Elliott Wave Zigzag Correction

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Oil Tumbles on Iran Ceasefire Relief as Bearish Wave Resumes

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