Elliott Wave Analysis: Crude OIL Undergoing A Temporary Pullback, More Gains In View

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Crude oil is turning slightly lower, ideally into an A-B-C set-back after a completed five wave rise yesterday near 46.50. As such, we will be looking for a new resumption of an uptrend but after current subwave C is finished, maybe around 44.00-44.50 area. After that wave C, it will be important to wait on upward reaction above wave B swing high to confirm the bullish case.

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OIL , 1H

OIL 1

 

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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.