Oil (CL_F) Elliott Wave: Calling the decline from the equal legs area
In this technical article we’re going to look at the Elliott Wave charts of Oil commodity (CL_F) published in members area of the website. OIL has recently given us a 3 waves recovery that found sellers precisely at the equal legs area as we expected. In this discussion, we’ll break down the Elliott Wave pattern and forecast.
Oil Elliott Wave one-hour chart 08.25.2025
OIL is giving us correction against the 70.58 peak. We expect to see another leg up toward 64.68-66.01 area to complete a 3 waves (a)(b)(c) pattern. Our members know that we identify potential reversal zones using the Equal Legs technique. As long as the price stays within this region, we expect sellers to take control and push it down toward new lows. We recommended that members avoid buying the OIL at this stage, while favoring the short side.
Oil Elliott Wave one-hour chart 08.27.2025
A 2 days later, we can see the result. OIL reached the proposed equal legs area and found sellers, as expected. We got a decent reaction from the sellers’ zone. The recovery peaked at 65.1. As long as it remains below that high, the next leg down may be in progress.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
