FX.co ★ Elliott wave analysis of Crude Oil for October 25, 2023

Crude oil is behaving just as expected. The final part of the correction from 95.03 is now in motion as wave C should continue lower towards support in the 75.63 - 79.34 area. Once this area has been tested, we will be looking for signs that the correction in wave 2 has been completed and wave 3 higher towards 129.30 is ready to take over.

In the short term, we see resistance near 85.19 for a continuation lower towards 79.34.