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25.10.202306:05 Forex Analysis & Reviews: Elliott wave analysis of Crude Oil for October 25, 2023

Exchange Rates 25.10.2023 analysis

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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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