Tuesday, April 16, 2013

CRUDE OIL UPDATE II: Corrective Pull-back Within Downtrend

Oil prices found a support around $86 per barrel after five waves down in wave 3 followed by a rally out of an impulse channel which confirms the idea of a completed wave 3 and wave 4 pull-back in progress. We will be tracking a three wave rise in wave 4 back to $89-$90 resistance area before price once again breaks lower, this time through $86 per barrel and possibly towards $84 support from November 2012. 
Crude Oil 4H Elliott Wave Analysis Chart [click here]

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USDCHF Technical Analysis - Sell at 0.9955

USDCHF made a nice bull move from 0.9716 to 0.9990. Then USDCHF drops from over bought zone. USDCHF is trading below its 20 period MA on 4h ...

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