Elliott Wave analysis: Crude oil finds support

Gregor Horvat Wavetraders

Crude oil found support in the last 24 hours despite an official announcement by the White House that it will release crude oil reserves. So that action might have already been priced in if we consider that market was lower before that. Also, OPEC may change its strategy that will allow oil to stay supported.

From an Elliott Wave perspective, we have seen a nice intraday reversal higher which now suggests that energy completed a corrective wave 4) at 74.70 horizontal support that we talked about last time. As such, further strength can be considered, especially if also 80.70 is broken.

Crude oil 4h Elliott Wave analysis

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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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