Crude OIL Trapped In A Triangle

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Crude oil is higher in the last few sessions, but since we are tracking a big triangle in fourth wave we assume that upside will be limited near the upper trendline, at 34-35 area. Ideally, current rise up from 32.30 is wave b-circled as part of a three wave decline down in wave D that should touch lower trendline. Generally speaking we see market moving sideways, so we recomend to wait on waves D and E before we may finally get some impulsive and clear directional price moves; ideally to the downside, towards 28. So for now, we wait on more price data.

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Crude OIL, 1H

OIL 1

 

 

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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.