OIL Elliott Wave Analysis: Corrective Rally

By: Gregor Horvat | Mon, Mar 3, 2014
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Crude Oil Four Hour

As expected, crude oil broke to a new high after recent slow and sideways price action above 101 which we think it was wave (iv) as already highlighted past week. As such, current move higher is most likely wave (v), final leg within wave A that may be looking for a top in this week around 105.00-105.50 area. With that said, traders should now be aware of approaching corrective reversal.

OIL 4hElliott Wave Analysis

Crude Oil 4-Hour Elliott Wave Chart


Crude Oil One Hour

Crude Oil reached a new highs, so we have to be aware of a possible reversal in price as rally from 101 can be counted in five waves, so wave (v) can be near completion. Move beneath 103.68 will confirm a reversal.

OIL 1hElliott Wave Analysis

Crude Oil 1-Hour Elliott Wave Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

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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