Elliott Wave Analysis: Bulls Pushing Price Higher On Crude OIL


On the daily chart of crude oil, we labeled retracement down from blue wave 5 highs as a corrective move; a double zig-zag that seems completed as of recent skyrocket upward impulsive action. That said more upside seems to be now in store, with price currently trading in blue wave 1 of C) or III) with more gains still to follow, but only after any minor temporary correction that may still show up as blue wave 2-circled.

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Crude OIL, Daily

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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.