CL #F Elliott Wave Analysis: Extending Lower Toward 60.50
Elliott Wave Crude Oil Futures CL #F have turned lower in a corrective zigzag pattern at the moment where wave ((a)) unfolded in 5 waves at 61.12 low. Up from there, wave ((b)) peak unfolded in lesser degree 7 swings structure at 65.83 high. And are now progressing through wave ((c)) to the downside. Within this structure, waves (i) and (ii) appear complete, and price has started to accelerate lower in wave (iii). Wave (iii) is expected to extend toward the 60.50 area, which represents equality with wave (i). This level serves as the next key downside target as bearish momentum builds. As long as the structure remains impulsive, further weakness is favored in the near term.
After reaching 60.50, we anticipate a corrective bounce in wave (iv), likely unfolding in at least three swings before sellers re-emerge in CL #F. Following that bounce, another leg lower in wave (v) should complete the five-wave sequence within the broader ((c)) structure.
The overall downside target for this corrective cycle in wave B is projected in the 60.50–57.20 range. Until the structure changes, rallies are expected to remain corrective, with the path of least resistance staying to the downside.
CL_F 1-Hour Elliott Wave Chart From 2.18.2026
CL#F Elliott Wave Video:
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