OIL Elliott Wave Analysis: Bearish Reversal

oil-elliott-wave

Crude oil has turned bearish recently with a sharp reversal down from around 104.00 level and through the lower support line of a corrective channel. A reversal from the highs is very strong with increasing volume and momentum, and impulsive price action. Therefore we believe that wave (c) down is under way back to 96.40.
OIL 4h Elliott Wave Analysis
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Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com