OIL Looks For Correction Towards $100: Elliott Wave
On crude oil we can see some bearish reversal from 99 level, which we think it's wave B, still only second leg of a minimum three wave rally up in wave 4). Ideally this wave B will find a support in this week somewhere around 94.50-95.60 area from where we expect a reversal up in wave C towards 100 psychological level where move from 91.70 could complete a contrat-trend reaction.
Crude Oil (Jan 2014) 4h
On Intraday Crude oil found some support in the last three sessions, but we suspect that current push up is wave (b), still only second leg of a larger corrective retracement in wave B of a higher degree. Ideally crude oil will bottom later this week in 94.50-95.60 zone.
Crude Oil (Jan 2014) 1h
Written by www.ew-forecast.com