EOG resources Elliott Wave outlook: Range breakout could target 168.49 and 230.05

EOG consolidates inside a Wave (4) range in the very start of a powerful Wave III advance, with a bullish breakout pointing to higher Fibonacci targets.

EOG Resources, Inc. (NYSE: EOG) continues to trade within a strong long-term bullish Elliott Wave structure on the monthly chart. The broader trend remains firmly positive. Price action from the pandemic low confirms that the market has entered a powerful bullish phase rather than forming a long-term top.

The stock has already completed one full major market cycle. Red Wave I and red Wave II are now in place. After Wave II ended at the corona bottom, EOG started the most advanced and dynamic phase of the Elliott Wave sequence, which is Wave III. This phase usually delivers the strongest price expansion, and the structure from the 2020 low supports this view.

Range-bound structure at current levels and fibonacci targets explained

The advance from the 2020 bottom is unfolding as a clear impulsive move. Inside this red Wave III, the internal wave structure shows an incomplete sequence marked in blue as waves (1), (2), (3), and (4). Waves (1) and (2) established the trend, while Wave (3) produced strong upside momentum. This behaviour matches the typical characteristics of a third wave. Wave (4) now appears to be either complete or still developing.