Elliott Wave Analysis: Crude Oil Looking Up; Setbacks May Follow
Gregor Horvat | Apr 07, 2017 03:58AM ET
Crude oil is turning sharply up from 47.05 level where we see a low in place following recently completed five wave decline in wave C). Notice that market turned up very strongly, back above $52 per barrel with impulsive price structure which means that more upside is coming this month ideally above 57.00 region.
That said we are looking at wave 1 or A being made, with a potential resistance region around the upper trend line, which may slow bulls down. If that happens a new three wave contratrend reaction may follow within the second wave 2 or B. Support for the mentioned setback can later be around the 49.85/50.75 zone.
Crude OIL, 4H
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