FX.co ★ Elliott wave analysis of Crude Oil for July 26, 2023

Our preferred count for crude oil shows that wave 2 of B completed with the test of the 50% corrective target at 64.73 and wave 3 or C now is in motion. We would like to see a break above minor resistance at 83.53 before the odds really do favor. Wave 3 or C is in motion for a rally towards the former peak at 130.50 and ultimately towards the all-time high at 147.25.

Short-term we see support near 70.35 and then the 50% corrective target at 64.73 which ideally will be able to act as a floor for Crude oil for the break above resistance at 83.53.