Elliott Wave Analysis: Crude OIL In A Three Wave Pullback; Possible Support Around 44/45

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Crude oil turned nicely down last week from our resistance area, so it appears that top is in place if we consider a broken channel support line. In fact, current leg down is strong, thus an impulse wave A) that will likely cause more weakness ahead, but after a bounce up into red wave B). Ideally, energy is in a big wave four pullback headed down to 44-45, based on higher time frame.

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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.