Crude Update: Oil Range Signals More Weakness Ahead as Gaps Remain Unfilled
May 7, 2026

Crude Oil

Crude oil remains in a corrective phase after the sharp rally to 119 earlier this year. Instead of a direct wave C selloff, price action now points to a broader triangle pattern, keeping oil trapped between roughly 118 and 80. The recent decline suggests the market may still move lower to fill key gaps from April and March. Overall, the correction from the highs does not appear complete yet.

Please revisit our last update here – https://wavetraders.com/free-charts/crude-turns-lower-as-rally-falters-below-key-resistance-apr-23-2026/

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