Elliott Wave Analysis On Crude OIL And USDCAD

Crude OIL

Crude oil is in a new bearish pullback since October 10th when energy found the top of wave 3. We know that pullbacks are made by a minimum of three-wave structures, so more weakness is expected to continue down into wave 4, as blue wave c is still missing. As such, oil can hit 48.00-49.00 levels before support is found for a bounce up into wave 5.

Crude OIL, 1H

USDCAD

USDCAD can make another leg up as the decline from recent high is only by three waves, so it can represent just another corrective wave within ending diagonal. We labeled it as wave 4) so another, but final push up to the upper side of the pattern can be coming, before bears may step in action, which will be expected if crude oil stays in a strong uptrend.

USDCAD, 1H

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!

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