Elliott wave energy specialist Steve Craig just delivered a textbook example of why Elliott wave analysis can be so valuable: He identified the low in crude before the turn, tracked the advance as it unfolded, and then alerted his readers that crude was peaking.
On July 2, Craig told readers:
Global Market Perspective, July 2, 2026:
“[The] most likely wave count suggests significantly higher prices once the Primary wave 3 advance kicks in gear… RSI and stochastics have registered oversold readings and the DSI reached a bearish extreme… the market is getting ripe for an upward reversal.”
Five days later, as crude began to turn higher, Craig’s Energy Pro Service recognized the change:
Energy Pro Service, July 7, 2026:
“Crude’s late-session advance offers an aggressive hint that the Primary wave ((2)) low is in place.”
That was the beginning. Crude subsequently surged from its low near $68 to more than $93.
And then, Craig’s Elliott wave analysis recognized a change. On July 22, he warned:
Energy Pro Service, July 22, 2026:
“[An] interim top should be drawing near.”
The following day, with crude still advancing, Craig’s analysis became more specific:
Energy Pro Service, July 23, 2026:
“I continue to suspect that Crude is in the latter stages of the Intermediate wave (1) advance.”
And on July 24, with crude near its high, he said:
Energy Pro Service, July 24, 2026:
“[The] Intermediate wave (1) peak is in place.”
What happened next?
The charts in the report show the progression clearly: a forecast for “significantly higher prices” while crude was still near its low, recognition that the turn had occurred, then increasingly specific warnings as the rally approached its peak.
That’s why you should read Steve Craig’s Elliott wave energy analysis. It doesn’t just explain yesterday’s market in hindsight, like other commentary so often does. It gives you a framework for anticipating what may happen next — and for recognizing when the outlook has changed.
Continue Following Craig on Crude
Energy Pro Service provides ongoing Elliott wave analysis of crude oil, natural gas and other energy markets, helping subscribers follow developing patterns as they unfold—not after the fact.
Follow Steve Craig’s latest energy market forecasts with Energy Pro Service.
Looking for a Broader Global Perspective?
Each month, Steve Craig also contributes his outlook on the energy markets to Global Market Perspective—Elliott Wave International’s flagship monthly publication covering stocks, commodities, precious metals, interest rates, currencies, cryptocurrencies and more from around the world.
Read Steve’s latest energy market outlook in Global Market Perspective.
Steve Craig Chief Energy Analyst
Steve Craig, CEWA-M, has been involved with energy futures since their inception and credits Bob Prechter’s masterful stock market forecasts in the 1980s for the inspiration to make the leap from an Elliott wave student to ardent practitioner. Steve posts up-to-the-hour forecasts for EWI’s Energy Pro Service, and his broader take on oil and gas futures is featured each month in EWI’s Global Market Perspective.
