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The short-term Elliott Wave outlook for Oil (CL) shows the cycle from the June 23, 2025 peak ended at the December 16, 2025 low of $54.98. After this completion, Oil began correcting the prior cycle in a larger degree, expected to unfold in either three or seven swings. From the December 16 low, wave ((i)) advanced to $58.88. The pullback in wave ((ii)) developed as a zigzag structure. Within this correction, wave (a) ended at $56.65, wave (b) reached $58.87, and wave (c) declined to $55.76. This sequence completed wave ((ii)) in higher degree.

Oil then resumed higher in wave ((iii)), subdividing into five waves. From wave ((ii)), wave (i) ended at $57.17, followed by a pullback in wave (ii) that concluded at $55.86. Wave (iii) advanced to $59.8, while wave (iv) corrected to $58.45. The final leg, wave (v), extended to $62.36, completing wave ((iii)) in higher degree. A corrective phase unfolded in wave ((iv)), again forming a zigzag. From wave ((iii)), wave (a) ended at $59.19, wave (b) advanced to $61.85, and wave (c) declined to $58.7. This completed wave ((iv)) in higher degree. Oil has since turned higher in wave ((v)). From wave ((iv)), wave (i) ended at $60.68, while the pullback in wave (ii) concluded at $59.22. Near term, as long as the pivot at $55.76 remains intact, Oil is expected to continue higher.

Oil (CL) 60 minute chart
 

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