Elliott Wave Analysis: Crude OIL Aiming For $50 Per Barrel

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Crude oil turned nicely up last week from 44.00 area about we talked in our past updates when highlighted a corrective set-back from 46.50 which can be wave two. If that’s the case then we know that current breakout of a downward channel can be start of a very strong leg up, wave 3 that is now underway to $50 while market is above 46.52.

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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.