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Crude Oil Price Corrective Rally

Commodities / Crude Oil Dec 28, 2013 - 12:24 PM GMT

By: Gregor_Horvat

Commodities

Crude oil is still trading to the upside towards $100 per barel. It seems that move from 96.20 is in five waves so we adjusted the wave count as market could already be making wave C, final leg of wave 4) that could turn down from 100-101 resistancea area.


OIL 4h Elliott Wave Analysis



E-mini S&P500 - Wave (v) In Progress

S&P500 is trading nicely higher from 1753 where we called end of a flat in wave (iv). Price is already at new all time highs so wave (v) is underway that should be made by five smaller waves. At the moment we see price at 261.8% extension level of wave i) so we think that sooner or later price will make a pullback in wave iv) before uptrend resumes up into five of five.

E-mini S&P500 4h Elliott Wave Analysis

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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