Crude oil has broken above the inverted S/H/S bottom neckline near 52.85. The price high at 55.24 has been cleared. The long-term Elliott Wave count and all indicators continue to point towards higher and the cycle analysis also supports higher prices here.
The next long-term target to look for is seen at 67.67 and possibly even closer to the inverted S/H/S target near 83.50.
Yes minor set-back could be seen here, but the larger picture and count continues to support higher prices for Crude Oil.