Top trade idea for June 29th, 2016
By Gregor Horvat on Jun 29, 2016 12:29:25 GMT
Crude oil has turned sharply lower a few days back so it appears that five wave rally up from 35.19 is completed, thus a new three wave move down is underway. We are expecting a corrective decline, labeled as blue wave four that will ideally retrace back to 43-45 area, where we see 38.2% Fibonacci support, as well as length taken of wave two, where both can act as a turning point higher.
Crude OIL, Daily
On the lower time frames, Crude oil turned nicely down at the start of the month from 51.65 where market completed extended blue wave three, so our wave count suggests that recent bearish structure with three legs is wave four. In fact, decline from 50.52, labeled as wave C), already spiked beneath wave A) levels so minimum requirements for a valid correction were met, thus new bullish turn can be happening now with current rise back above 48.40 region that opens room for more gains ahead. Ideally market will continue higher into wave five, above 51.65.
Crude OIL, 4H
About Gregor Horvat
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/ Try EW-Forecast.com’s Services Free For 7 Days at http://www.ew-forecast.com/service
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