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20.09.202306:45 Forex Analysis & Reviews: Elliott wave analysis of Crude Oil for September 20, 2023

Exchange Rates 20.09.2023 analysis

Crude oil has just tested the resistance line from 130.50 and should see a period of consolidation/correction towards support near 83.50 and possibly even closer to support near 77.59 before setting the stage for the next impulsive rally towards at least 106.18 and more likely closer to resistance near 124.00.

In the short term, a break below minor support at 89.22 will confirm that wave 1 has peaked and a correction in wave 2 is unfolding towards at least 83.50.

*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
© 2007-2025
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