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

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/