Intraday Elliott Wave Analysis For OIL and E-mini SP500

By: Gregor Horvat | Wed, Nov 13, 2013
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Markets are very slow, since yesterdays US session when metals and energies fell sharply while US stocks futures and EURUSD did not move much. Generally speaking, we still think that the USD will extend its gains in days ahead, while stocks will continue to the upside.

S&P Futures remains in bullish mode since Friday and it seems that uptrend could resume soon as decline from latest swing high has a corrective look so we expect a move higher, and revisit of 1770 where break will open the door for new all-time highs.

S&P Futures 1h

S&P500 Futures 1-Hour Chart

Yesterday, I was also talking about crude oil when I was tracking an incomplete corrective rally. Well, this rally has finished much earlier than I thought, and it was because of wave (c) which had a failure formation as price did not pass the wave (a) high. Anyway, to us the important should be only the current price action and not the past one. With that said, we are focused on impulsive development from end of wave 4 with current pause seen in smaller blue wave (iv) that is part of incomplete weakness. As such, traders should be aware of a new sell-off down to 92.00-92.30. Any intraday shorts should have stops placed above 94.30.

Crude Oil 1

Crude Oil 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, 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 www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple 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.

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