Elliott Wave Analysis: Crude OIL Ideally Reaching For 50/51

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Latest pattern on crude oil above 47 suggests more gains in the short-term since we see a triangle placed in wave 4, which is a continuation structure that is now pointing to 50-51 area where bulls can be coming to an end and send prices lower into a bigger three wave drop.

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Crude OIL, 4H

OIL 4

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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.