OIL Looks Bullish: Elliott Wave Analysis

By: Gregor Horvat | Thu, Jan 30, 2014
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Crude oil reversed to the upside in this week from 95.20, just few points away from our projected levels. Price is now trading close to recent swing high so it seems that short-term waves are already heading higher up in wave C towards 99-100 area. We are also tracking an alternate scenario with wave (iii) in action of wave A, but in either case market stays in bullish mode for few more sessions as long as 95.20 holds.

OIL 4h Elliott Wave Analysis

Crude Oil 4-Hour Chart


OIL 1h

We are turned bullish recently on crude oil and based on recent three legs down and bounce from the channel support line we see room for a push above 98 and towards $99, while 96.30 support holds.

OIL 1h Elliott Wave Analysis

Crude Oil 1-Hour Elliott Wave Analysis 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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