Oil prices were sharply higher in recent weeks, gained well above $100 per barrel. Since this level was reached crowd become very bullish, someone are even calling $200 per barrel, but usually exactly the opposite reaction follows. Technically speaking, we know that market is just in a corrective retrace, that reached 61.8% retracement level against the leg seen in 2008. Guest post by Gregor Horvat This Fibonacci level is very typical reversal zone for B) waves, and since we can count only three waves up from $33, we are very confident that recovery is just temporary and that bearish reversal will follow in months ahead. As such, we must pay attention to lower time frames now where powerful impulsive decline from a top will confirm a bearish case! If you need more Elliott Wave forecast, then please visit our website and check Video Tour of Our Products here or follow us on twitter. 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 Opinions share Read Next Markets gauging Tsunami impact on Japan FxPro - Forex Broker 12 years Oil prices were sharply higher in recent weeks, gained well above $100 per barrel. Since this level was reached crowd become very bullish, someone are even calling $200 per barrel, but usually exactly the opposite reaction follows. Technically speaking, we know that market is just in a corrective retrace, that reached 61.8% retracement level against the leg seen in 2008. Guest post by Gregor Horvat This Fibonacci level is very typical reversal zone for B) waves, and since we can count only three waves up from $33, we are very confident that recovery is just temporary and that bearish reversal… 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.
