Crude Oil Elliott Wave Analysis: Corrective Rally
Crude oil has reversed nicely to the upside in the last couple of weeks from 91.00 low, clearly in impulsive fashion so we suspect that prices are in corrective reversal of wave 2). As such, current rally is temporary, but needs to be made in three legs, ideally with a three wave retracement for 61.8% compared to previous five waves down. We see prices now at the end of wave A with so be aware of a wave B pullback in the second part of February.
OIL Daily Elliott Wave Analysis
Crude OIL Four Hour
On Crude Oil we are tracking final stages of an impulsive wave A that could find a top in this week. On the 4h chart we are looking at red wave v) of (v) that should be made by five smaller waves. Notice that the sub-structure from 93.30 is still not in five waves, so we assume that recent minor retracement was wave iv, just another minor correction within ongoing trend. Price could rise up to 103.50, but keep in mind that rally is in late stages of an extended pattern, so sooner or later market will turn south, ideally for a bigger three wave decline.
OIL 4h Elliott Wave Analysis
Crude OIL One Hour
Crude oil remains bullish for a minimum one leg to the upside, possibly up to 103.50-104.00 area but 101.70 must hold.
OIL 1h Elliott Wave Analysis
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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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