FX.co ★ Elliott wave analysis of Crude Oil for Match 24, 2022

Crude oil has rallied nicely since the 93.53 low and has now entered the resistance-band between 116.58 - 122.70, which we expect will turn oil lower again towards support in the 99.80 - 106.50 area. It's still to early to tell whether a triangle is building or something more complex, but we are looking for clues and our first assumption is that a triangle could be building, then let's see what's going on as time goes.

But for now look for a possible top near 122.70 for a decline towards support near 99.80.