Elliott Wave Analysis: Crude OIL In A Correction; Last Wave C Could Reach For 48/49 Levels


OIL is falling for the last few days together with stocks on fears of a slowdown in the economy and Brexit vote. Also inventories are large which resulted in lower prices. We expect a pullback on this commodity to take place soon but only in a corrective manner. Latest move looks like a flat and push up is possible after we reached the support for the blue wave b at 47.00 zone. Resistance for the C wave up is seen at 48.60-49 levels.

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Crude OIL, 1H


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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.