Crude Oil Showing Signs Of A Completed Correction; More Upside In View

www.investing.com/analysis/crude-oil-showing-signs-of-a-completed-correction;-more-upside-in-view-200175181

By Gregor Horvat | Feb 09, 2017 05:04AM ET

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Crude oil is moving sideways since December, so we are very confident that this is just a contra-trend move within higher degree uptrend, that is as of today, showing first signs of completion. As such, we are looking at a new bullish rally that occurred overnight from the 51.24 level, labeled as an ongoing wave 1, which still has room for more upside, before a temporary correction in wave 2 comes in play. That said, break above the 54.34 level would be a confirmation for higher levels to follow, while the 52.24 level serves as an invalidation level.

In the alternate scenario, we are looking at wave 2-circled which is still in the making with a possible reversal zone near the 49.60 level.

Crude Oil, 4H

Crude Oil 4 Hour Chart

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Crude Oil Showing Signs Of A Completed Correction; More Upside In View

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