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Elliott Wave Analysis on S&P500 and S&P500

S&P500

E-mini S&P500 moved to a new high last week, above 2000 psychological level so we assume that the price is now in the fifth sub wave of an extended wave 3) that can form a top formation. However, the formation is only temporary since the retracement is likely to be another correction within the uptrend. We are looking at red wave 4) that can retrace 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

SNP 4

Crude OIL

Crude oil is trading higher as expected after another corrective set-back down to the 36.00 area where we recognized a completed expanded flat in wave four. We see a nice reaction higher which must be a new impulse, probably wave five is headed up to around 40.40-41.40 area where energy can find resistance and new turning point next week.

Crude OIL, 4H

oil 4

Gregor Horvat

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!