US OIL / WTI Analysis 13Oct2023

Over the last few weeks, the price of oil has experienced a noticeable decline. Upon closer inspection, this trend appears to be the result of a series of corrections from the previously bullish market. Currently, there is speculation surrounding the possibility of Wave (C) occurring, which is being analyzed through the addition of Fibo Expansion. It is predicted that the price will likely move towards the 76 area, which intersects with Fibo 0.786 and the SND area. This level of detail provides a more comprehensive understanding of the current market trends and the anticipated future movements of oil prices.