Elliott Wave Analysis: USD Index and Crude OIL 

oil price analysis

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Elliott Wave Analysis: USD Index and Crude OIL

USD Index is making a new sharp decline away from 94.30 region, where bigger degree wave 5 was completed. We now see a five-wave fall in play with price trading at the start of a corrective wave. Ideally blue wave four will rise for a three-wave move and later search for resistance and a new turning point lower around the Fibonacci ratio of 38.2 or 50.0. From there a new drop lower, into wave five may come in play.

USD Index, 1H

usd index

Crude oil is breaking higher, probably into a new leg of a higher degree impulse. We see former three-wave pullback completed at the 49.07 level. All being said, current five-wave rally can approach levels near the former swing high at the 51.16 level and there make a new temporary set-back into a minor correction. Once the mentioned level at 51.16 is broken, then is when more gains may follow on energy.

Crude OIL, 1H

oil price analysis


Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.



By Gregor Horvat

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