Crude oil has a nice bullish structure on a daily chart where we labeled the recent pullback down as wave four of a five wave rise from 26.00. We are quite confident that new highs will be seen very soon, so be aware of a rise towards $55 this month. In fact, that fifth wave up would also confirm a significant bullish turn on the bigger time frame charts, since we know that five wave structures show the direction of a trend. Crude OIL, Daily On the lower time frame, Crude oil turned nicely down at the start of the month from 51.65 where the market completed an extended blue wave three, so our wave count suggests that the recent bearish structure with three legs is wave four. In fact, the decline from 50.52, labeled as wave C), already spiked beneath wave A) levels, so minimum requirements for a valid correction were met, thus a new bullish turn may already be happening now with a current rise back towards 49.20 region that can open room for more gains ahead. Ideally, the market will continue higher into wave five, above 51.65. Currently we could be in a correction in wave 2), which could make a reversal higher around 50.0 or 61.8 Fibonacci ratio. Crude OIL, 4H 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! View All Post By Gregor Horvat Daily Look share Read Next 3 markets – 3 totally different Brexit reactions – MM Yohay Elam 6 years Crude oil has a nice bullish structure on a daily chart where we labeled the recent pullback down as wave four of a five wave rise from 26.00. We are quite confident that new highs will be seen very soon, so be aware of a rise towards $55 this month. In fact, that fifth wave up would also confirm a significant bullish turn on the bigger time frame charts, since we know that five wave structures show the direction of a trend. Crude OIL, Daily On the lower time frame, Crude oil turned nicely down at the start of the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
