v1-5: A further attack on Job; his sons had been taken away, his harvest destroyed. He is, therefore, foolish and simple.
v6-7: A reference to the inevitability of meeting trouble in this life.
v8-16: Eliphaz' boast, that he would seek God, and commit his cause to God. He implies that Job did not do so. He declares the God of power (v9-10), or justice (v12-14), and of compassion (v15-16). Yet he says that Job is a schemer who preferred the darkness. Whilst Eliphaz makes some true comments about the character of God, he does so with little grace and concern.
v17-26: A further truth about God; see Prov 3.11-12, quoted in Heb 12.5-6. The implication is that God was disciplining Job the sinner.
The testimony of victory, to the one who receives the Lord's discipline; God will rescue from each and every disaster.
v27: "It is true", is Eliphaz' conclusion. He pictures himself as the thinking man, who has weighed up the issues. Job's responsibility is to apply these things to himself.
Eliphaz does not see the full picture, therefore his theology is found defective (42.7).