EOG is consolidating within the wave (4) range at the beginning of a strong wave III advance, with an upward breakout indicating higher Fibonacci targets.
EOG Resources, Inc. continues (NYSE:EOG) is trading within a strong long-term bullish Elliott wave structure on the monthly chart. The broader trend remains strongly positive. Price action from the pandemic lows confirms that the market has entered a strong 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 bottom of the corona, EOG began the most advanced and dynamic phase of the Elliott wave sequence, wave III. This phase usually provides the strongest price expansion, and the structure from the 2020 low supports this view.
The range-related structure at current levels and Fibonacci targets explained
The advance from the 2020 low is unfolding as a clear impulsive move. Within 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 upward momentum. This behavior is consistent with typical characteristics of the third wave. It now appears that wave (4) is either complete or still developing.
