The short-term Elliott Wave outlook in WTI Crude Oil (CL) presents a well-defined impulsive rally from the July 2, 2026 low, with prospects for continued strength. From that low, wave 1 advanced to $76.08, followed by a corrective decline in wave 2 that ended at $70.77. The market then surged in wave 3, reaching $85.39, before retracing in wave 4, which concluded at $80.27. The final leg, wave 5, is now unfolding and is expected to complete shortly. This completion will mark the end of wave (A) in higher degree.
Once the five-wave rally is complete, a larger corrective phase in wave (B) should emerge. This correction will retrace the cycle that began from the July 2 low, allowing the market to consolidate gains before resuming its broader upward trajectory. As long as the pivot at $67.05, established on July 2, remains intact, pullbacks are likely to attract buyers. These retracements should occur in either three or seven swings, reinforcing the bullish outlook for further upside.
The completed five-wave structure from the July 2 low strongly favors at least one more leg higher. This extension is expected to unfold within wave (C) or wave (3), both of which imply continuation of the impulsive sequence. With the technical framework pointing toward additional gains, the near-term outlook remains constructive, and the market appears poised for further upward momentum.
WTI Crude Oil (CL) 60-Minute Elliott Wave Chart
CL Elliott Wave Video:
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