OIL Looks For 38.2% Fibonacci Retracement: Elliott Wave

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A sharp rally on crude oil from 91.70 and through the falling channel line suggests that market already completed a larger five waves down in red wave 3. If that is the case then we know that current leg up is only first leg of a minimum three wave rally up in wave 4) that is expected to retrace back to 98.80, where we see a former wave four of a lower degree and also 38.2% retracement level compared to red wave 3) distance.

Crude Oil (Jan 2014) 4h Elliott Wave Analysis

OIl Elliott Wave 12413
OIl Elliott Wave 12413

On Intraday Chart:  sharp rally on Crude Oil yesterday to 97.50 suggests that temporary low is in place and that market is heading higher in three waves; black A-B-C in wave 4). At the moment we see an incomplete wave A so we expect to see higher levels, maybe test of 98.30 in the next few sessions.
Crude Oil (Jan 2014) 1h Elliott Wave Analysis

Oil Elliott Wave Intraday 12413
Oil Elliott Wave Intraday 12413

Written by www.ew-forecast.com

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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.