Crude oil is still trading choppy, slow and overlapping which suggests a bigger Elliott wave triangle correction to be in progress. Specifically we see price trading at the end of corrective leg D of a bigger triangle, that can see limited upside around the 58.30 level. A breach below the lower channel line would suggest a three-wave reversal within final leg E to be in progress. Support for corrective leg E can later be found at the 56.88 level, of a former swing low.
Crude oil, 1h
Below we have the 4h chart and its full development.
Crude oil, 4h
