Elliott Wave Analysis: OIL Bullish, EURUSD Bearish


On Crude oil we turned bullish this week after reversal up from 95.18 where we labeled end of a corrective three wave decline. From there prices turned to a new high as expected but slow and also overlapping price action from 96.00 suggests that market could be forming the shape of an ending diagonal placed in wave v) of (iii). If that is the case then upside potential is limited; we see resistance at $99 per barrel so be aware of a reversal tot eh downside.
Crude Oil (Mar 2014) 1h Elliott Wave Analysis
OIL Elliott Wave
EURUSD will be on our radar screen in coming days and sessions as we want to get involved on the short side of the pair after recent nice and strong fall from 1.3680 which suggests that new big leg against the euro has began. We are tracking an impulsive price action after recent break out of the base channel so shorts should be attractive after a three wave rally. Waiting; patience!
EURUSD 1h Elliott Wave Analysis

eurusd elliott wave

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