Elliott wave Analysis: Triangle On Oil Eyeing 50.00 and Below

Gregor Horvat Wavetraders

Hi traders,

Crude oil is trying to find some sellers at Fib. resistance from where wave E is now pushing prices slightly lower, but not enough to confirm the end of the pattern. Keep in mind that bearish confirmation is below 50.27 wave D swing.

This this count remains unconfirmed for now, but still valid as long 54.20 holds.

Crude oil, 1h

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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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