Home Elliott Wave November 3 2016 USD Index, Crude OIL
Daily Look

Elliott Wave November 3 2016 USD Index, Crude OIL

USD Index

USD Index has turned nicely higher in October, looking like an impulsive price move which is most likely finished after this strong bearish turn from 99.10. We see it as wave A) of a three wave decline, as shown on our updated wave count. If we are correct, then we can expect more downside to around 96.00-96.50 area this month, before the price may turn bullish again.

USD Index, 4H

dx-4-3  

Crude OIL

Crude oil is turning significantly lower, now trading beneath the trendline support connected from the 39.50 August low, which can open the door for more weakness, as the price action from the last few days is looking impulsive on the 4h chart. We see the current price in the middle of an extended red wave 3), currently with subwave four in progress which can be looking for a resistance near 46.60; there a new sell-off may follow.

Crude OIL, 4H

oil-4-5

 

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!