Crude Oil's Break Above 46.38 Indicates Higher Levels Ahead
Gregor Horvat | Sep 09, 2016 03:50AM ET
On the 4h chart of crude oil we have seen a very deep retracement from 49.35 to 43.00 but in three waves which means that it can be a corrective move.
An updated count shows idea of wave two pullback that bounced from important 61.8% Fibonacci retracement level and turned above 46.38 where overlap confirms a bullish view. As such, we will expect even more gains now as wave 2) pullback appears completed. Ideally, wave 3) is going to break above August highs.
Crude oil, 4H
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