FX.co ★ Elliott wave analysis of Crude Oil for June 28, 2021

Crude oil is close to strong resistance near 76.90 that ideally will be able to cap the upside for a larger corrective decline towards at least 57.67 and possibly even closer to 46.83, vut for now the uptrend since March 2020 remains intact, but very stretched.

Short-term, we will need a break below minor support at 72.32 to indicate that a top is in place and the larger corrective decline is in motion.

Trading recommendation:

If long take profit and revers your position near 76.90 and keep your stop tight at 72.25