Elliott Wave Analysis: Crude OIL Pointing Towards Higher Levels

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Crude oil is moving nicely higher, ideally headed up into wave three as part of a new impulsive structure on a higher degree after we identified end of a corrective set-back near 53.00. we think that sooner or later price will break above 55.00.

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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.