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
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/

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