Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of OIL (CL_F) published in members area of the website.
As our members know, OIL is forming a 3-wave pullback after a rally. The correction is a textbook example of an Elliott Wave Zig Zag pattern. In the following analysis, we explain the Elliott Wave pattern and the market outlook.
Before we take a look at the real market example, let’s explain Elliott Wave Zigzag.
Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracements.
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OIL Elliott Wave 1 Hour Chart 09.18.2026
OIL is forming a 3-wave pullback from the recent highs. At the moment, the structure of the pullback looks incomplete. So far, we can count 5 waves down from the peak, suggesting that the pullback is forming an Elliott Wave Zig Zag pattern. We expect another 5-wave leg to the downside to complete the pullback. As our members know, we derive the buying zone by measuring the Equal Legs area using the Fibonacci Extension tool.
The ideal target area comes at 95.79–91.03. At this zone, we expect buyers to step in and take control, pushing the price higher in at least a three-wave bounce, or ideally toward new highs.
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OIL Elliott Wave 1 Hour Chart 09.18.2026
The commodity made the decline as expected. The price is reaching our target area at 95.79-91.03. At that zone we expect buyers to appear for a further rally toward new highs or in 3 waves bounce at least.
Important note: Our analysis is not based on Elliott Wave in isolation. We perform detailed higher-time-frame cycle analysis, which shows an incomplete market structure. This is one of the key drivers of price action, along with correlation analysis and broader market context.
We also teach our members in live analysis sessions how to identify incomplete bullish and bearish sequences. Even a 14-day trial, is enough to noticeably improve your trading analysis and forecasting approach.
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