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macroJul 22, 2026, 5:16 AM

Elliott Wave Analysis: WTI Crude Oil Rally from July Low Favors Extension

Short-term Elliott Wave outlook for WTI Crude Oil shows an impulsive five-swing rally from the July 2, 2026 low, with wave 1 peaking at $76.08 and expectations of continued strength.

CL

The short-term Elliott Wave analysis for WTI Crude Oil (CL) identifies a five-swing impulsive rally from the July 2, 2026 low. Wave 1 reached $76.08, followed by a corrective decline in wave 2. The structure suggests further upside potential as the rally extends.

Traders monitoring the commodity may look for opportunities aligned with the bullish count. The analysis emphasizes the impulsive nature of the move, with the correction in wave 2 already completed based on the pattern.

Source: FXStreet Forex News