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

Crude oil continues to follow the expected path lower. Yesterday, the instrument broke below the former low of wave A at 81.50. This confirms that more downside pressure should be expected in the coming days as crude oil aims for a test of support in the 75.63 - 79.34 area.

Short-term we see resistance at 83.53 which ideally will cap the upside for more downside pressure towards 79.34.