Crude oil Lokking Higher, while Dax Reversing Lower

Gregor Horvat Wavetraders

Good day traders! Hope you had a Great weekend and are now ready for the new one. Let's start the day with Crude oil.

Crude oil is trading around the highs and to be specific near the Fibonacci ratio of 200.0% that is already acting as resistance so we see market moving sideways now, ideally making a wave 4 that may find a base this week around $56.00. There is also an upper line of an trading channel that can act as a support. We think that sooner or later crude oil can be back at the highs, at 59/60 levels.

Crude Oil, 4H

Now switching to DAX.

DAX made a sharp reversal lower away from the 13537 region, which is a suggestion of a top in place. A five-wave drop and a break below the lower channel line would confirm a completed bullish impulse and a minimum three-wave bearish reversal to be in play, probably towards the 12904 region.

German DAX, 4H

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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