Top trade idea for September 8th, 2015 – WTI/Crude OIL
By Gregor Horvat on Sep 8, 2015 03:39:35 GMT
WTI moved sharply from August low; it recovered around 30% in just five days, so move was very agresive. From an Elliott Wave perspective impulses are sharp; these are structured by five subwaves which tells us where the market is headed. To me it tells that temporary low is in place and that price will recover with minimum three waves above $50.
On the 4h chart above we can clear see five waves up, which is big wave (a) or (i) as part of a big incompelte wave recovery. A sharp turn down from 49.30 last week suggests that WTI accomplished wave (a)/(i) and that market is in now in corrective pullback of a higher degree. We are tracking wave (b) as labeled on the chart, which can be headed down to 41-43 area where we see nice support level. At 42.00 it’s wave c)=a) which comes in around very important 61.8% Fibonacci zone. That’s ideal area then for a possible bounce that can happen this month, when traders can be looking for longs. We will be looking for a move up, back to $50 per barrel as long as 37.70 is not breached.
If you are not trading with limit orders then it may be too soon for any entry numbers. We are definitely interested in longs as well, but will wait a little more before we share our new swing trade with members at www.ew-forecast.com
WTI CRUDE OIL 4h Elliott Wave Analysis
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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