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
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