OIL Elliott Wave Analysis: Downtrend Could Resume

By: Gregor Horvat | Mon, Jan 20, 2014
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OIL 4h

Crude oil has turned slightly to the upside in the past week as expected after a completed five wave fall at 91.00 area. We have been looking for a three wave retracement back to former wave iv) placed at 94.26 which is already the case so we need to be aware of a new bearish reversal in the next few trading days. However, there is room for rally to 96.20 area, but sooner or later we think that downtrend will resume. We will keep an eye on 91.44 level; a decline towards this zone will confirm a completed rally and new leg down.


OIL 4h Elliott Wave Analysis

Crude Oil 4H Eilliot Wave Analysis


OIL 1h

Crude oil reached our projected zone around 95.00 area that we highlighted at the end of the past week. We have now five waves up from 91.43 that can be considered as wave c) of a contratrend structure. However, a decline from top must be impulsive and strong to call end of a rally. Would love to see move back to 92.40 that will then open door for new low.


OIL 1h Elliott Wave Analysis

Crude Oil Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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