Crude Oil - Everything on the long-term picture points higher

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.

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