FX.co ★ Elliott wave analysis of Crude Oil for May 30, 2022

Oil is on the move again. A break above minor resistance at 115.56 confirms that wave 5 towards 159.94 is unfolding. We need to remember that sharp rallies are quite common in the commodity complex. The current rally of oil will take it much higher and likely close to $200.

In the short term, we are looking for a break of minor resistance at 116.64 confirming a move closer to 134.34 on the way higher.