FX.co ★ Elliott wave analysis of Crude Oil for May 31, 2022

As expected, crude oil broke through minor resistance at 116.64 and is now headed higher for resistance near 134.34 and likely closer to 159.94. This is in case we don't see a runaway rally in wave 5. If this rally turns into a runaway rally, then the 159.94 target will likely just be a temporary halt on the way higher to 200.

Support is now seen at 112.08 and solid support is seen at 108.64.