OIL Looks For Correction Towards $100: Elliott Wave

By: Gregor Horvat | Mon, Dec 16, 2013
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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

Ctude Oil 4-Hour Chart

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

Crude Oil 1-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 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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