Crude Oil: Impulsive Downtrend
Gregor Horvat | Sep 24, 2015 08:48AM ET
Crude oil fell sharply from 62.70 in the last four months that we see it as impulsive weakness in wave 5) of (C), targeting much lower levels. Notice that at the moment there is still not five waves down from red wave 4) high, which are needed for a completed downtrend. That said, we need to be aware of a decline to around 33 area after current wave four is complete which will likely retest 50.50 resistance zone before downtrend will continue into a black wave 5.
Crude Oil Daily Elliott Wave Analysis
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