FX.co ★ Elliott wave analysis of Crude Oil for October 18, 2023

Crude oil has just completed wave B of a zig-zag correction and wave C lower to test support near 75.63 is now in progress. A break below minor support at 85.38 will be a strong indication that wave C lower is unfolding while a break below support at 82.31 will confirm wave C lower to 75.63 is well under way. Once this correction has been completed, a new impulsive rally is expected towards 129.30 and possibly above.

Resistance is seen in the 87.80 - 88.30 area and is expected to cap the upside for the break below 85.38.