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Crude Oil Analysis: Correction In Progress

Sameer Kapoor 8 November 2013

Crude oil fell down to 93.00 in this week where we can see a completed five wave decline from 98.80 and also from 103. Notice that prices has moved out of a recent downtrend channel which is a very important sign for a change trend, even if just temporary.

As such, we suspect that market is now forming a three wave retracement back to 96.00 areas. OIL Elliott Wave Analysis 4h OIL Elliott Wave Analysis 11713 On short term chart Oil prices are pointing towards a new high after small three wave pull-back to 97.44 which was wave iv) so prices are now moving up in wave v) that could complete wave (a) just beneath $96.

OIL Elliott Wave Analysis 1h OIL Elliott Wave Analysis 117131