OIL Looks For Correction Towards $100: Elliott Wave
On crude oil we can see some bearish reversal from 99 level, which we think it's wave B, still only second leg of a minimum three wave rally up in wave 4). Ideally this wave B will find a support in this week somewhere around 94.50-95.60 area from where we expect a reversal up in wave C towards 100 psychological level where move from 91.70 could complete a contrat-trend reaction.
Crude Oil (Jan 2014) 4h
On Intraday Crude oil found some support in the last three sessions, but we suspect that current push up is wave (b), still only second leg of a larger corrective retracement in wave B of a higher degree. Ideally crude oil will bottom later this week in 94.50-95.60 zone.
Crude Oil (Jan 2014) 1h
Written by www.ew-forecast.com
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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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