Elliott Wave Analysis On USD Index And Crude OIL 

OIL analysis

Gregor - Author BIO photoUSD Index
As expected price made a nice reversal higher at 93.00 area where a three wave corrective retracement had completed. Now we think that price could already be in a new bullish sequence which can reach for 9860 area in days ahead, where 161.8 Fibonacci projected level can be met.
Regarding the Daily chart, we could now be in blue wave 3 higher, while market is above 93.00.

USD Index, 4H

USD Index analysis

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Crude OIL
Crude oil turned nicely down at the start of the month from 51.65 where we see end of an extended blue wave three, so our wave count suggests that bearish structure with three legs down is now underway in wave four. As expected, red wave B) found its resistance and sent price lower, probably into wave C). As of recent structure we are now looking down to 45.00 zone where market can be looking for a base next week.

Crude OIL, 4H

OIL analysis

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By Gregor Horvat


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