Sharp reversal down from above $ 49 on October ’16 contract of crude oil suggests that market entered into a new consolidation phase. We see current leg down as wave A that is part of a three wave set-back in wave four. That said, more weakness will be expected within a retracement but resumption of an uptrend will be expected from around 45/46 levels.
About the Author
Elliott Wave Financial Service
Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.
In no event will we be liable for any loss or damage on your account in connection with, the use of our products.
Latest posts by actionforex (see all)
- Gold Tentatively Breaks Down as Fed Signals March Hike, Market Complacency Reigns - March 4, 2017
- AUD/USD Finally Dips Towards 0.75 ahead of RBA, NFP - March 4, 2017
- Trade Idea Wrap-up: EUR/USD – Hold short entered at 1.0570 - March 3, 2017