Crude oil is moving higher today, so a break above May highs may follow soon, but we see a big fifth wave then within a larger degree of wave C of a corrective rally since February. That said, the upside can be limited to the 63-64 area, especially if we consider the prediction of following the USD/NOK currency pair.
On the charts below we see higher prices ahead, into wave five because of a five wave bounce from May 18th so we expect a continuation up after the current (a)-(b)-(c) zigzag is complete, possibly around 7.5-7-6 area. A strong bounce on USD/NOK would signal lower prices for crude oil because of negative correlation.
USDNOK Elliott Wave Analysis