WTI Light Crude Oil (CL) maintains a bearish sequence that began from the May 19, 2026 high. The decline from that peak produced wave 1 at $86.35, followed by a corrective rally in wave 2. This correction unfolded as a zigzag, with wave ((a)) ending at $94.78, wave ((b)) pulling back to $90.12, and wave ((c)) extending higher to $97.02. That move completed wave 2 at a higher degree. Afterward, Oil resumed its decline and broke below the termination of wave 1, confirming the bearish structure.
The downside projection is guided by the 100%–123.6% Fibonacci extension from the May 19 high. This extension aligns with the $68–$73 area, which now represents a potential support zone. From the wave 2 peak, wave ((i)) ended at $89.68, while wave ((ii)) rallied to $95.47. Oil then extended lower again, forming a nested sequence. Within this structure, wave (i) of ((iii)) ended at $85.95, and wave (ii) of ((iii)) rallied to $93.64. The market has since resumed its decline, keeping the bearish outlook intact.
Near term, as long as price remains below $97.02, rallies are expected to fail in either three or seven swings. This reinforces the probability of continued downside pressure. The technical view highlights the likelihood of Oil extending lower toward the $68–$73 zone, consistent with the broader bearish sequence.
Light Crude Oil (CL_F) 60-Minute Elliott Wave Chart
CL_F Elliott Wave Video:
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