Elliott Wave Analysis On Crude OIL And German DAX
Crude oil is trading higher, after breaking above 35.94 last week which suggests that wave four can be making a flat correction. That’s a 3-3-5 pattern, so leg up from 28.69 should then unfold as a five wave movement. At the moment we should continue to look higher within wave C then, as current price is still only in blue wave three of a five wave recovery. In ideal scenario energy will find a top later this month near 39-40 area. For now however sentiment is on the bullish side so be aware of even higher prices after short-term retracements down into fourth wave.
Crude OIL, 4H
German DAX
DAX turned down yesterday after touching 10000 psychological level where we see end of a five wave recovery. As such, current downward reaction is likely going to be only a deep corrective wave in A)-B)-C) formation that may look for a support next week near 9100-9200 area. That would be perfect region for a continuation up into a big third leg.
German DAX, 4H
http://www.ew-forecast.com/service
Find more: Contributing Authors
