SP500 and Crude OIL Intraday: Elliott Wave Analysis

By: Gregor Horvat | Fri, Dec 19, 2014
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E-mini S&P500 is slightly down for the past few hours but decline is slow and choppy so it looks corrective, probably wave 4 that is also moving into a nice support around near 2060-2055. Ideally bounce will follow from those levels in sessions ahead.

S&P 500 (Mar 2015) 30min Elliott Wave Analysis

S&P 500 (Mar 2015) 30-Minute Elliott Wave Analysis Chart

If wave four on Crude oil is still in play, then there are only two scenarios left; it's either a triangle or a flat in progress. However, we prefer to see a rally to a new swing high, possibly up to $60 before contra-trend move is done.

CRUDE OIL (Feb 2014) 1h Elliott Wave Analysis

CRUDE OIL (Feb 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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