Crude Oil: Trading with Elliott Wave and Price ROC

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Crude oil has been very volatile after making low in November 2013. Prices then started to move in a very big range of 6500-5980 levels. Using Elliott wave analysis we came with a view that there is still a big possibility that Crude oil will still respect this range or this range will contract as time passes by.

From the below daily chart we have used Elliott Wave analysis to identify the next possible move in Crude oil. As we had mentioned that it is moving in a range, prices has bounced from the lower end of the extreme and can move up from current levels. Again the entire month of March it consolidated in a very stiff range and has probably started the up move. Price ROC has also moved above the equilibrium i.e 0 which opens positive possibilities.

As per Elliott wave theory, prices are moving in a corrective form where it has completed ………..

In short, …………………………….




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