Elliott Wave Outlook For Crude Oil And Copper

By: Gregor Horvat | Wed, Oct 30, 2013
Print Email

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

 


Written by www.ew-forecast.com Try Ew-Forecast.com's Services Free For 7 Days Here

FREE WEBINAR On Elliott Wave Principle Reserve Your Seat Here

 


 

Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com