FX.co ★ Elliott wave analysis of Crude Oil for October 23, 2023

Crude oil found resistance at 89.50 as expected and wave C lower towards support in the area of 75.63 - 77.59 is now expected over the coming weeks. Once the support area has been tested, we will look for signs that the correction from 95.03 has been completed and a new impulsive rally towards 129.30 is in motion. But for now, our focus should remain towards the downside for a break below minor support at 855.44 confirming wave C lower towards at least 77.59.