Crude Oil Elliott Wave Analysis: Correction in Progress
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
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
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
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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