OIL On Correction: Elliott Wave Analysis
Crude oil has changed it's direction lately, at least temporary because of a five wave rally from 91.20 low. We know that even if recovery from the low is just a bigger correction, which we think is, it still needs to be made by three legs.
As such, those five sub-waves up from 91.20 represents only first leg up, labeled as wave A that is now showing signs of a completion after recent fall back to 95.20 area. We think that prices are now in minor corrective B-wave that will look for a bottom around 93.60-95 area.
Forex Analysis by Gregor Horvat at ForexPros. com
