Short Term Elliott Wave Swings On Crude OIL and SP500

By: Gregor Horvat | Mon, Jun 23, 2014
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Crude oil gaped higher on Sunday, and reached new highs above 107.00 as expected, after clearly corrective set-back from 106.80 to 105.06. We can already see some bearish reversal from the high, but still not sure if wave (v) is done. We may see a re-test of the highs, but we however think that market is in final stages of an uptrend and that sooner or later crude will turn bearish. The RSI is already showing signs of a divergence. Keep an eye on 105.80 figure; a daily close below that level would indicate a top formation.

Crude Oil (August 2014) 1h Elliott Wave Analysis

Crude Oil (August 2014) 1-Hour Elliott Wave Analysis Chart

The US market will open in around 30mins most likely in negative territory as markets are down in pre-trading driven by lower European shares. We however anticipate a reversal in price already at the end of the last week because of a five wave rally in blue wave (iii). As such, we expect a short-term correction back in wave (iv) that may look for a support around 1943/1947.

S&P500 (September 2014) 1h Elliott Wave Analysis

S&P500 (September 2014) 1-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of, but before that he was working for Capital Forex Group and His feature articles have been published on:,,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on for Best Forex Analysis in 2016. At 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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