Elliott Wave Analysis On Crude OIL And USDCAD

By: Gregor Horvat | Fri, Jul 1, 2016
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Crude OIL

OIL breaking above the channel resistance line after reaching the 48.11 area of support and completing the complex corrective pullback. This is a good sign for a future upside outlook. We would like to see an impulse wave to develope on the smaller time frames, so we could then be sure that price is going to get higher.

Crude OIL, 1H

Crude Oil 1-Hour Chart


USDCAD

According to this count we are now in the red wave C down with potential resistance around 1.2780 zone, from where a new leg towards wave D) may unfold. This triangle is a bullish one and represents a blue wave B which means we believe that higher levels may be coming as soon the triangle is completed.

Break beneath 1.2655 would invalidate the count.

USDCAD, 1H

USD/CAD 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

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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