"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 11 hours Why Criminals' Cryptocurrency Choices Matter To Average Investors
  • 2 days OPEC ‘Supergroup’ Keeps Oil Exports Subdued
  • 2 days One Belt, One Road, One Direction for Precious Metals
  • 2 days Vicious Trio Keeps Bitcoin in Chokehold
  • 2 days How Infrastructure Is Driving A Commodity Boom
  • 2 days What’s Really Happening With Venezuela’s “El Petro?”
  • 2 days Gold Bull and Bear Markets
  • 3 days 5 Big Drivers of Higher Inflation Rates Ahead
  • 3 days U.S. And China To Face Off Over Aramco IPO
  • 3 days Gold Bulls, Brace Yourselves – Fed Hikes Are Coming!
  • 3 days Stocks Fail to Hold Gains, But Still No Correction
  • 3 days Cryptojacking: A New Threat Vector To Critical Infrastructure
  • 4 days Why The Next Oil Boom Will Be Fueled By Blockchain
  • 4 days 5 Things Investors Should Know About China this New Year
  • 4 days Is The South Korean Crypto-Drama Finally Over?
  • 4 days Miners’ Rally? What Rally? Watch Out for More Fake Moves!
  • 4 days Four Percent 10-year Note Yield Will Be a Floor Not a Ceiling
  • 4 days The End Is Near
  • 5 days 5 Record Breaking Gemstones Even Billionaires Can’t Buy
  • 5 days Irredeemable Currency De-tooths Savers
GLD May Not Yet Be Ready To Break Out

GLD May Not Yet Be Ready To Break Out

While I have gone on…

Irredeemable Currency De-tooths Savers

Irredeemable Currency De-tooths Savers

An irredeemable currency system traps…

One Belt, One Road, One Direction for Precious Metals

One Belt, One Road, One Direction for Precious Metals

China's launch several years ago…

Elliott Wave Analysis: Completed Correction On Crude Oil Points Higher

Sharp reversal to the upside on Crude Oil gives us an idea about a completed three wave correction in wave B) or 2). If that is the case then recent strong upward action is a sign of stronger prices to follow into wave C) or 3). We could now expect a five wave move to develop in the mentioned wave to around the 66/68.00 zone. A decisive break above the 52.24 level would be a confirmation for higher prices to follow.

Crude OIL, Daily

Crude Oil Daily Chart

On the lower time frame we can see Crude oil trading in a new uptrend, with red waves 1) and 2) completed and extended wave 3) in motion after a bottom had been found at the 42.88 level, where bigger correction had ended. As such we now think price could be trading at the middle of wave 3) specifically in minor wave iv), after a recent drop had occurred from the 54.48 level. That said so current price action could be unfolding wave iv, that could point towards higher levels after its completion. The upper corrective channel line could now provide some support and even push price higher above the 53.87 level within wave 3.

Crude OIL, 4H

Crude Oil 4-Hour Chart

 


Interested in our services? Then visit our homepage at www.ew-forecast.com and take a glace at some of our charts. You can even subscribe to our Twitter account -> @ewforecast

 

Back to homepage

Leave a comment

Leave a comment




Don't Miss A Single Story