FX.co ★ Elliott wave analysis of Crude Oil for February 10, 2022

Crude is close to completing wave B and pushes lower in wave C of an expanded flat correction. This wave C should ideally push crude oil below 62.43 towards the ideal target at 59.70 to complete wave 2 and set the stage for the next impulsive rally higher.

To confirm the completion of wave B we need a break below support at 86.34 and more importantly, a break below support at 81.90 that will confirm that wave C is in motion.