E-mini SP500 And Crude OIL Intraday Elliott Wave Outlook
Staying with a dirrection of a trend should be the most important for traders and analysts. So despite a five wave down on the S&P 500 I am tracking a corrective price action, called an expanded flat where wave c is made by five waves. So if my interpretation is correct then we will see a bounce from around 1791-1795 zone. If we go down to 1775 then then is most likely not a flat. Guys, I will be back with you later, at the start of the New York session.
S&P500 (Dec 2013) 1h Elliott Wave Analysis
Recent leg to a new low on Crude Oil was made in three legs which is a structure of a corrective pattern, so we think that wave 4 from Nov 14 is still unfolding. We are now observing idea of a running traingle with wave (c) underway that is expected to stop around 94.60-95.00 region.
Crude Oil (Jan 2014) 1hElliott Wave Analysis
Written by www.ew-forecast.com