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WTI crude set for more upside after July 2 five-wave rally
Analyst outlook points to wave 5 completing soon, and higher-degree wave (B) corrections potentially starting after the rally finishes.
Action Forex cites a short-term Elliott Wave view that WTI Crude Oil, traded as CL, is in a five-swing rally that began from the July 2, 2026 low. In that count, wave 1 rose to $76.08, wave 2 corrected to $70.77, wave 3 surged to $85.39, and wave 4 later retraced to $80.27.
The outlet says wave 5 is now unfolding and is expected to complete shortly, which would mark the end of wave (A) in a higher degree. After that five-wave structure is finished, Action Forex expects a larger corrective phase in wave (B) to retrace part of the move from the July 2 low.
As long as the July 2 pivot at $67.05 holds, pullbacks are expected to attract buyers, the analysis adds. It also suggests any retracements should unfold in either three or seven swings, supporting a bullish case for continued upside after the current leg.
Latest closeWTI crude $82.30 ▲5.3%