Crude OIL: Correction Unfolding


Crude oil has turned higher yesterday, so we believe that first wave down from 42.46 is completed and that current recovery will be made by three waves. We are looking at wave 2 that can retrace back to around 40.00 area from where we will expect a resumption of big downtrend, into red wave 5). However, we want to see a-b-c sub-waves up before we can call end of a current short-term recovery.  Invalidation level is at 42.46; as long this level holds trend is down.

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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 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.