FX.co ★ Elliott wave analysis of Crude Oil for February 23, 2021

In our analysis from February 10, we called for a test of the long-term resistance-line near 63.02 and here we are testing the resistance-line. It's possible that the resistance-line is penetrated temporarily, but it's time for a more sizeable correction towards at least 51.97 and possibly even closer to the 50% corrective target seen at 48.57 before the next substantial rally higher towards 76.90.

Short-term a break below 60.10 will indicate a top has been seen and the expected correction towards 51.97 is in motion.

Trading recommendation:

If you have been long Crude Oil it's time to book some profit and tighten you stops towards 60.00