FX.co ★ Elliott wave analysis of Crude Oil for October 16, 2023

Crude oil is close to completing wave B of a Zig-zag correction. Ideally, wave B will complete near 88.05, but we could see a small extension closer to resistance at 88.80 before wave C takes over for a decline towards 79.34.

Once the corrective decline from 95.03 is complete, a new impulsive rally should take over for a rally towards at least 111.00 and like closer to resistance at 129.10.