Bullish trend eyes $178–$313 targets

COP Keeps Its Long-Term Bullish Elliott Wave Structure Intact, with Strong Upside Potential Toward Key Fibonacci Targets.

ConocoPhillips continues to show a strong long-term bullish trend using Elliott Wave analysis. The quarterly chart shows a clear impulsive rally from historic lows. The Right Side tag stays bullish as long as price remains above the invalidation level near 3.02. This level is far away from current prices. So, the broader trend remains upward. Pullbacks should act as corrections, not the start of a bearish cycle.

From the earlier historical lows, COP has developed a multi-decade impulsive advance. A clear Wave I, II, and III structure has unfolded over the years, and Wave III is now progressing in its final swings. Each corrective phase has resolved in favor of the larger bullish trend. The most recent strong rally unfolded as Wave (3), followed by a corrective decline that completed Wave (4). After that, price turned higher again and continued to maintain the integrity of the bullish Elliott Wave sequence.

The expectation now is that the stock remains in a broader bullish cycle. The chart suggests a continuation higher toward the 100%–161.8% Fibonacci extension areas around the $178 and $313 levels. Before achieving those higher targets, the structure also allows for an additional corrective leg lower at some stage, labeled as wave IV and then larger wave (II) ahead of another major bullish cycle. However, those declines, if they occur, are expected to remain corrective and should still favor the upside once completed.

The “We Do Not Recommend Selling” note on the chart reinforces the directional bias. With the Right Side tag firmly pointing higher, trading in the direction of the bullish trend remains the preferred approach. Historically, COP has rewarded investors who stayed aligned with the impulsive structure rather than reacting to temporary corrections.

Summary

In summary, ConocoPhillips continues to present a constructive long-term Elliott Wave outlook. The larger bullish cycle remains dominant, invalidation is extremely distant, and the broader structure favors continuation higher toward significant upside targets in the coming years. Pullbacks remain corrective opportunities within a much larger bullish trend, and the long-term outlook stays positive as long as the Right Side remains intact.