Elliott Wave Outlook For Crude Oil And Copper

By: Gregor Horvat | Wed, Oct 30, 2013
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Originally published 8:00 am PST October 30, 2013


 

OIL 4h

Crude oil is trading lower and based on latest decline through 100 mark and down 96.00 we suspect that larger picture on this market is changing. For now we will focus on current structure which is showing a completed wave B around 103.00 level followed by recent push lower with accelerating price action through 100 mark which we think it was wave (iii), so decline should then be made by five waves down. As such, we think that bounce from the low is just another correction within downtrend. We are talking about wave (iv) that is pointing lower for wave (v), towards 95, 94 zone.

Crude Oil Chart - 4 Hour Data


COPPER 4h

We do not look at copper very often, but I see a triangle on 4h chart, maybe already finished because of recent rally back to 3.318. We however prefer a 3.3500 breakout on a daily close basis to confirm end of a triangle and further bullish waves up to 3.450 maybe even to 3.500.

Copper Chart - 4 Hour Data


Elliott Wave Education: Triangle Pattern

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.


Contracting Triangle

Bull Market vs Bear Market

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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