FX.co ★ Elliott wave analysis of Crude Oil for January 5, 2022

Crude oil needs a secondary test of the 61.8% corrective target at 76.63. This second rally was followed by a clear bearish divergence on the RSI indicating that a corrective top is nearby and renewed downside pressure towards the 50% target at 55.31 should be expected soon.

Short-term a break below minor support at 74.27 will confirm that the next decline towards 55.31 is in motion.