Elliott Wave Analysis For Crude OIL and SP500 Intraday

By: Gregor Horvat | Mon, Oct 27, 2014
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Energy markets are trading lower today with crude oil at the lows as our complex fourth wave transformed into a triangle and not a zigzag. As such, current leg down is already wave (v) that can be targeting 78.00 in sessions ahead, but 81.23 must stay in place, otherwise count will become invalid.

Crude Oil (Dec 2014) 1h Elliott Wave Analysis

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

The US markets are falling, following the bearish pattern that we have seen during whole Europe today. German DAX lost more than 250 points today while the S&P futures came down more than 20 points from Friday highs. We see corrections in play on stocks now, On the S&P we anticipate a three wave set-back before uptrend may resume again. Current price is weakening in wave (a) so be aware of more sideways or even bearish price action. Ideally we will see 1920 tested before uptrend comes back in play.

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

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

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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