FX.co ★ Elliott wave analysis of Crude Oil for August 10, 2021

Crude oil peaked at 76.98 after a five wave rally from the April 2020 low at -40 USD pr. Barrell and we are now looking for a correction towards the 50% corrective target at 55.31 before the next impulsive rally to way above 76.98 should be expected.

A break below short-term key support at 65.01 will confirm the next leg lower towards the 50% corrective target near 55.31.