Crude Oil: More Weakness In Sight

By: Gregor Horvat | Thu, Nov 5, 2015
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Crude oil has turned up in September when price broke out of a triangle placed in wave (b) so wave (c) was final with wave 4 pullback that reached 50.50 resistance from where sell-off occurred in October. As such, we suspect that WTI made a new swing now that will send price down into wave 5 back to 37.70. Broken corrective channel also suggests more weakness ahead,but after wave (ii) is complete.

Crude OIL, Daily

Crude Oil Daily Chart

Crude Oil bounced sharply in the last few days, but so far only with three waves that made a reversal down yesterday from around trend line resistance and 61.8% Fibonacci level. That was ideal zone for a weakness, so ideally crude accomplished rally from 42.64 and that new weakness is now udnerway. If we are correct, then price will break beneath October lows.

Crude OIL, 4H

Crude Oil 4-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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