Crude OIL : Temporary Pullback In View

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Crude oil is trading higher, after breaking above 35.94 at the start of the month which suggests that wave four can be making a flat correction. That’s a 3-3-5 pattern, so leg up from 28.69 should then unfold as a five wave movement. At the moment we should continue to look for more gains within wave C then, as current price is still only in blue wave three of a five wave recovery. In ideal scenario energy will find a top later this month near 39-40 area. But for now, however, sentiment is on the bullish side so be aware of even higher prices after short-term retracement down into fourth wave.

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Crude OIL, 4H

OIL 4h

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.