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Crude Oil Price Corrective Pause Appears Complete; 110 Back in View

Commodities / Crude Oil Aug 20, 2013 - 01:52 PM GMT

By: Gregor_Horvat

Commodities

OIL is trading slightly lower after recent reversal from the upper channel resistance line shown on the 4-hourly chart. However, we cannot ignore a three wave decline from July high which is clearly a contra-trend movement, called a zig-zag in Elliott Wave theory. With that in mind, we will continue to look for higher prices on crude oil as long as 102.15 support is in place. As such, we suspect that current set-back is wave (ii) that may look for a support in 104-105 zone, in one of the Fibonacci support levels. Reversal from there, in impulsive fashion back to 108 will be nice indication for a bullish moves, but then towards 110 level.


OIL 4h chart

On a daily chart of oil we can see that price broke sharply higher few weeks back, which is looking impulsive; its sharp move in the short period of time. Impulses are five wave patterns and if we focus just on latest rally from 91.20 we can see that move is not in five waves yet. As such, we think that latest pull-back from above 109 was wave four so we are looking higher into wave 5.

Oil Daily chart

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

© 2013 Copyright Gregor Horvat - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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