Crude OIL Undergoing A Temporary Correction; More Upside Still In View

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Crude oil turned into strong bullish mode in September which looks like an impulsive price move on the 4h chart. We see an extended and sharp leg from 44.14 to 51.50 that looks like wave 3 of an impulsive structure. If that’s true then we know that market is in new bullish phase so uptrend should continue after the wave 4 pullback which can be now in final stages of an Elliott Wave flat correction that can be looking for a base at 49.00-49.50 area.

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Crude 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.