Elliott Wave Analysis: Crude OIL Aiming For 55$

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Crude oil has a nice bullish structure on a daily chart where we labeled recent pullback down as wave four of a five wave rise from 26.00. We are quite confident that new highs will be seen very soon, so be aware of a rise towards $55 this month. In fact, that fifth wave up would also confirm a significant bullish turn on bigger time frame charts since we know that five wave structures show direction of a trend.

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Crude OIL, Daily

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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.