Crude Oil Elliott Wave Analysis on Daily and H4

General overview for 14/04/2017:

This is the last chance count for the larger time frame impulsive scenario as the impulsive wave progression is not unfolding strongly to the upside as planned. Nevertheless, the current main count is still impulsive and bullish. On the H4 timeframe, the price is now in the corrective cycle that might evolve into a triangle pattern ( wave (iv)). The target for this wave is at the level of 51.48 and from this level, the impulsive wave progression for wave (v) should start.

Support/Resistance:


55.22 – Technical Resistance
54.84 – WR2
53.76 – WR1
51.77 – Weekly Pivot
51.48 – Technical Support
50.73 – WS1
48.42 – WS2

Trading recommendations:

The geopolitical tensions (fundamental events) and the current wave progression on daily and lower timeframes (technical analysis) are still in favor of further upside moves. This scenario will be invalidated only if the level of 47.05 is violated*.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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