FX.co ★ Elliott wave analysis of Crude Oil for August 1, 2023

Crude oil continues to push higher towards short-term important resistance at 83.53. A break above here will confirm that the corrective decline from 130.50 has been completed and a new impulsive rally is ready to unfold towards 94.00 and the former high at 130.50 as the next upside targets. In the longer term, a continuation towards at least 160 should be expected.

Support is now seen at 73.25 which is expected to act as a floor for the break above resistance at 83.53.