FX.co ★ Elliott wave analysis of Crude Oil for June 23, 2022

We were looking for a triangle in wave 4. However, this possible triangle has been invalidated and the correction decline from 130.50 looks more like a simple zig-zag correction, which if correct indicates that the rally to 130.50 only was wave 1/ of 3 and the ongoing corrective decline is then wave 2/ of 3. This means more upside should be expected once the ongoing correction completes near 86 for a strong rally towards 208 and possibly even higher.