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Crude oil Elliott wave count points to further upside
The bullish outlook is conditional on the July 2, 2026 low at $74.17 holding, with the next push framed as wave (C) after a corrective pullback.
Action Forex said its short-term Elliott Wave outlook for Oil (CL) remains constructive, citing an impulsive rally that started from the July 2, 2026 low.
In that view, the prior advance finished wave (A) at $93.50, followed by a three-wave correction that ended at $74.17 on the one-hour chart.
After that decline, the instrument resumed higher in wave (C), with internal milestones including wave ((i)) at $84.61, wave ((ii)) support at $80.09, a rise to $89 in wave ((iii)), and a pullback to $84.36 in wave ((iv).
The outlet said the structure supports additional strength near term as long as the $74.17 pivot remains intact, with pullbacks expected to find support in either three or seven swings.
Latest closeWTI crude $82.40 ▲1.4%