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Elliott Wave: Crude oIL could be in for more gains

Crude oil is trading nicely to the upside for the last four months and it appears that the market will move even higher in the days ahead, since we see just another minor correction around 50 level. As such, the market can make a new leg up to around 54-55 area for blue wave three circled as labeled on the daily chart, so for now we stay bullish as long as 42.52 level is not breached.

Crude OIL, Daily

oil d

On the lower time frames, Crude oil is at new high as expected, now out of a triangle so wave 5) is underway to our upper targets near 51.50, followed by 53.00 where gains can be limited. Keep in mind that oil is now in the final leg of a five wave structure, so we will have to be aware of a corrective set-back later this month, into a three wave retracement. But for now, bullish sentiment still suggests more gains in the sessions ahead, unless price goes back beneath 49.50.

Crude OIL, 4H

oil 4..

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!