Crude Oil Elliott Wave Analysis: Correction in Progress

By: Gregor Horvat | Thu, Nov 7, 2013
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Crude oil fell down to 93.00 in this week where we can see a completed five wave decline from 98.80 and also from 103. Notice that prices has moved out of a recent downtrend channel which is a very important sign for a change trend, even if just temporary. As such, we suspect that market is now forming a three wave retracement back to 96.00 areas.

OIL Elliott Wave Analysis 4h

Ctude Oil 4-Hour Chart

On short term chart Oil prices are pointing towards a new high after small three wave pull-back to 97.44 which was wave iv) so prices are now moving up in wave v) that could complete wave (a) just beneath $96.

OIL Elliott Wave Analysis 1h

Crude Oil One-Hour Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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 He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

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