Elliott Wave Analysis: Crude OIL Undergoing A Reversal; 45 Area Seems In View


As we see on the 4h chart of crude oil price made a nice rally from around the 50.0 Fibonacci ratio, suggesting that the whole corrective structure from wave 5 highs can be completed and that more upside could be in store. A decisive break and extension to 45.00 area would be another but very important evidence for a bullish continuation.

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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 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.