EUR/AUD and Crude Oil Elliott Wave Analysis Update


Crude oil can be currently unfolding a corrective retracement, which can see support at the first support target, at 65.90 level, or lower near the 65.50 former swing low. A rally in minor five waves would suggest a completed correction and more upside to follow.

Crude oil, 1h

EURAUD made five-waves up from the 1.5775 lows, which can suggest a change in trend, in minimum three waves. We now see a completed five-wave rally at the 1.5953 level, and current sharp weakness as part of an unfolding correction, which can unfold three minor waves, and search for a bounce near the 1.5847 level.


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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 His feature articles have been published on,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on 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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