Elliott Wave Analysis: Crude OIL Looking For More Upside To Follow

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Crude oil found some nice support at 51.80 last week from where a strong recovery appears to be impulsive. Ideally that’s a wave one as start of higher prices that should come in play after a wave 2 pullback. Ideally market will see a strong bounce once 54.98 resistance is taken out.

 

 

 

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.