OIL Elliott Wave Analysis: Triangle Points Higher

By: Gregor Horvat | Thu, Feb 6, 2014
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Crude oil is moving sideways for the last few days which now can be a triangle in progress placed in wave (iv). Triangle is a five wave pattern, so be aware of a break to the upside in the next few days as price already made pullback down to 96.70 yesterday that can be wave e), final leg in the pattern.

OIL 4h Elliott Wave Analysis
OIL 4h Elliott Wave Analysis

OIL One Hour

Crude oil is trapped in contracting range in this week but because of five legs it may be a time to be aware of a coming break. This break should be to the upside because of a triangle placed in the middle of a larger uptrend. Break above wave d) will open door for push above $99, ideally towards $100 per barrel.

OIL 1h Elliott Wave Analysis
OIL 1h Elliott Wave Analysis


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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/