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

Crude oil remains fixed on more downside pressure in wave C of the zig-zag correction that began from the September 2023 peak at 95.03 and should see the zig-zag reach a low between 75.63 and 79.34 in the weeks ahead. Once the corrective target between 75.63 and 79.34 is tested, a new impulsive rally is expected towards at least 129.30 and likely higher.

However, for now, our focus remains towards the downside and a decline into the support area between 75.63 and 79.34