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Crude Oil : More Weakness Ahead

Crude Oil : More Weakness Ahead

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Crude oil has turned up in September when price broke out of a triangle placed in wave (b) so wave (c) was final with wave 4 pullback that reached 50.50 resistance from where sell-off occurred two weeks back. As such, we suspect that WTI made a new swing now that will send price down into wave 5 back to 37.70. Broken corrective channel also suggests more weakness ahead.

Crude OIL, D

OIL, D

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Gregor Horvat is based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market.

Gregor Horvat is also founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success.

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Article Source: www.insidefutures.com
Forex

* Paul Rodriguez of ThinkTrading.com offers the outlook for Crude oil, USD/CAD, and the FTSE 100.

Bearish on Crude Oil:

Mir notes how the consensus expectation is strong for oil to see a base around levels, which suggest a much lower number might be in sight. Rodriguez says that he remains bearish on oil prices, with the commodity space still trapped in the downward drift.

Rodriguez further explains that the financial markets might start backing off after the US rate hike begins. He speaks on the deflation scenario due to lower energy prices and the global economy, noting that the major equity indices are in for a ride as most major companies are commodity based.

USD/CAD - more upside ahead

On USD/CAD, Rodriguez sees upside potential on the charts, and sees the CAD/JPY cross as being interesting on long-term charts. He sees the CAD/JPY cross forming a right shoulder of a major top, noting that the cross hasn't managed to recover to 2007 levels despite Yen weakness.

FTSE 100: Looking for a move towards 6200

The FTSE 100 is seen plotting higher lows on the long-term charts, but remains trapped in a range for now. The upside breakout failed, a topping pattern is seen and the footsie might make a move lower towards 6200, according to Rodriguez. He further sees the need to break the pattern of higher lows to trigger this downside move.

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