Elliott Wave Analysis: Crude OIL Can See Higher Prices [Video]

Gregor Horvat Wavetraders

In our new video analysis we will talk about Crude oil which may see higher prices based on Elliott Wave, Head and Shoulders pattern and Moving Averages.

On the 4h chart of crude oil we can see that price made a nice rally from the lows, for now in three waves but because of strong bullish momentum with sharp price action up to 161.8% Fibonacci ratio, we believe market made wave 3) as part of a bullish impulse. That said, current downward reversal is probably wave 4) that can move back down to 45-46 area, the region of one common Fibonacci ratio for wave four corrections, 38.2, from where a new turn up would be expected.

Crude OIL, Video Analysis

Author

Gregor Horvat

Wavetraders

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

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