FX.co ★ Elliott wave analysis of Crude Oil for July 31. 2023

Crude oil is ready to test important short-term resistance at 83.53 and a break above here will confirm that the corrective decline from 130.50 has completed and a new impulsive rally is ready to unfold towards the all-time high at 147.27 and likely even higher towards 160.00 or higher.

Short-term we see support near 80.25 which ideally will act as a floor for the test and likely break above resistance at 83.53.