Home Elliott Wave: USD Index and Crude Oil January 12 2017
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Elliott Wave: USD Index and Crude Oil January 12 2017

Trump caused a reversal yesterday, a very strong one on the FX board while US stocks stayed mostly sideways. Well, we are looking at intraday count of USD Index, where we see a clear three waves down; a perfect zigzag that can be trading near the reversal point, at 100.40. If we are correct, then a new turning point of FX is not far away.

USD Index, 1H

Crude oil has seen a nice bounce yesterday, which was quite strong but still not in five waves as another leg up is missing here on the hourly chart. So, for now, traders with bullish bias should be patient and wait on that fifth wave before we can confirm a bullish reversal. Once the five waves up are done, this market should be interesting for more upside this month.

Crude Oil, 1H

 

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!