Elliott wave analysis: Crude oil Trading In A Bullish Impulse and Aiming For 60/61 per barrel

Gregor Horvat Wavetraders

Good day traders and welcome to the US session.

Today, let's talk about crude oil, its short and medium time frame.

On the daily chart crude oil has completed a complex correction labeled as wave II or B at the 42.03 level from where we started to track a new bullish impulse. An impulse is a five wave pattern, so there is room for much more gains on energy market since we see current leg up as blue wave 3 of an impulse. Wave 3) has in general five clear waves, which means oil price can still climb up to 60/61.9$ per barrel.

Crude oil, daily

Regarding the 4h chart of crude oil, we can see that energy found a possible base for higher degree wave 4) at the 55.77 level; near the Fibonacci support ratio of 38.2 and near the lower EW base channel line. A bounce followed from there, which can suggest higher degree wave 5) to be in progress towards 60.0 region and above in impulsive fashion. This means in clear five waves.

Crude oil, 4h

Author

Gregor Horvat

Wavetraders

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

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