The short‑term Elliott Wave view in Oil (CL) continues to suggest a constructive bias, supported by the impulsive rally from the July 2, 2026 low. That advance unfolded in five waves and concluded wave (A) at $93.50. Following this peak, the market experienced a three‑wave corrective decline, which terminated at $74.17 as reflected in the one‑hour chart. The sequence of a five‑wave rally followed by a three‑wave pullback establishes a bullish structure against the July 2 pivot, reinforcing the expectation of further upside potential.
From the completion of wave (B), Oil has resumed higher in wave (C), which is unfolding with impulsive characteristics. Within this progression, wave ((i)) ended at $84.61, while the subsequent pullback in wave ((ii)) found support at $80.09. The instrument then advanced in wave ((iii)), reaching $89, before a corrective dip in wave ((iv)) concluded at $84.36. This internal subdivision highlights the orderly nature of the advance, consistent with Elliott Wave principles. The market remains positioned for continuation, provided that the key pivot at $74.17 holds firm.
Near term, the structure favors additional strength. As long as the July 2 low remains intact, pullbacks are expected to find support in either three or seven swings, offering opportunities for buyers to re‑engage. This technical framework underscores the bullish potential, with Oil poised for further extension once corrective phases are absorbed.
Oil (CL) 60 Minute Elliott Wave Chart
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