The short‑term Elliott Wave view in Oil (CL) continues to show an incomplete bearish sequence from the September 16, 2026 high. This sequence maintains a clear downside bias and sets the tone for the current market structure. From that high, Oil declined in a five‑wave impulsive formation. Wave ((i)) ended at $99.10, and a brief rally in wave ((ii)) reached $103.48. The market then extended lower in wave ((iii)), which finished at $94.22. A modest recovery in wave ((iv)) stalled at $96.85. The final leg, wave ((v)), ended at $88.71 and completed wave 1 at a higher degree.
After wave 1, Oil corrected in wave 2 through a zigzag structure that reached $96.78. The decline that followed broke below the wave 1 low and confirmed that the next bearish phase had begun. From the wave 2 peak, wave ((i)) ended at $91.51, and a rally in wave ((ii)) reached $96.54. Sellers then regained control and reinforced the broader bearish outlook. The near‑term bias remains lower. As long as Oil trades below $106.71, any rally should fail in three or seven swings. This expectation aligns with the incomplete sequence and supports the view that further downside remains likely. Potential target lower can be measured as 100% – 161.8% Fibonacci extension of wave 1. The target area comes at $67 – $78.
Light Crude Oil 60 Minute Elliott Wave Chart
CL Elliott Wave Video
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