FX.co ★ Elliott wave analysis of Crude Oil for February 16, 2022

As the tensions near the Ukraine borders deescalated yesterday, oil prices tumbled. A break below minor support at 88.41 will confirm that a top is in place and a larger corrective decline towards 57.30 is in play.

As long as minor support at 88.41 is able to protect the downside as long as one more rally to just above 95.82. The potential upside should remain very limited and the odds for a decline below 88.41 is in our view larger than the odds for a break to new highs above 95.82.