Elliott Wave Charting: Oil finally broke through the 82.00 resistance region discussed recently. The wave count has evolved and shows the price action of the last 30 days was a triangle formation shown in our blue wave (4). The triangle pattern now looks to be completed, after the wave E) final leg found its lows around the support line, at 79.50.

In the near term, a break above the 83.00 region is expected, which will put higher levels of a blue wave (5) in play.

TheLFB Charting: Crude Oil Four-Hour View

Forex Tools
Trade Plan of the Day
Currency Glossary
Trading Services
The London Forex Broadsheet (known as TheLFB) is a is a global forex trader portal based in the U.S. TheLFB's mission is to educate retail and institutional clients on the links that bridge the trader and investor to the free-flowing global market. It serves the needs and develops the skills of forex trading clients with its 30 years of trading and market experience.

TeamLFB maximizes a forex trader's day with support that instills discipline, confidence and structure, enabling the only daily variable to be market-driven. TheLFB service offerings include a mix of complimentary and subscription-based products that cover trade signals, professional grade currency and commodity analysis, comprehensive charting overviews, as well as daily trade desk video reviews. The trader news feed is a proprietary offering that gauges 24-hour market sentiment, guiding all levels of traders on the nuances of each new trading day.

Sign up for free TheLFB Forex Newsletter.