FX.co ★ Elliott wave analysis of Crude oil for November 8, 2023

Wave C of the zig-zag correction from 95.03 is almost complete. We expect crude oil to move closer to the 61.8% corrective target at 75.63, but we should be in the final stages of this correction and the risk is shifting from the downside to the upside.

Short-term we need a break above minor resistance at 81.05 to declare the zig-zag correction complete and a new impulsive rally unfolding. Look for signs that a bottom is developing for the next impulsive rally towards 129.30.