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Elliott Wave Forecast: Crude Oil-Pullback To 102.30 Could Be A New Long Opportunity

|Includes:iPath S&P Crude Oil Total Return Index ETN (OIL)

OIL found resistance around 107 in this week which has been expected because of five wave rally in wave 3, and we know that after every five wave move correction will follow. As such, market is now headed lower in minimum three waves which is most-likely wave 4 that will reach region of a previous fourth wave, around 102.30. In that area we can also see a base channel and 38.2% Fibonacci level that may react as a nice support next week. Traders may want to keep a close eye on that zone to join the ongoing uptrend.

(click to enlarge)Click to enlarge

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Stocks: OIL