Elliott Wave Analysis for S&P500 and Crude OIL

S&P500

E-mini S&P500 broke sharply recently, above 2000, an important psychological level, so we assume that the price is making an impulsive recovery in the fifth sub-wave of an extended wave 3). This can form a top formation in the next few sessions, but only temporarily since a coming retracement is likely to be another correction within the uptrend. We are anticipating red wave 4) that can retrace even back to 1970-1980 region where a new bounce may happen later this month. In the meantime, invalidation level at 1943 must not be breached. Divergence on the RSI also suggests that a correction is due.

S&P500, 4H

Crude OIL

Crude oil has been trading higher as expected, but now is reversing down from 42.46 where energy can be looking for a top if we consider that the price hit our Fibonacci projected area for wave five of C. That said, big red wave 4) can be coming to an end but we still need the broken channel line as well as a push beneath 37.63 swing to confirm a trend change.

Crude OIL, 4H

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

View all posts by Gregor Horvat