Crude oil is trading choppy and overlapping for some time now, which suggests a higher degree Elliott triangle correction to be in progress within corrective wave 4). In fact we have seen recent drop to 55.90 as sub-wave C that has made only a three wave decline, so it looks like part of a triangle correction. But we still need wave D to find resistance and push price lower into wave E, before a break higher into wave 5) comes in play. On that note, wave D can be trading within final stages and can make a turn lower around the 58.30 zone.
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