Crude OIL Turning Bearish, SP500 Looks For New High

By: Gregor Horvat | Fri, May 8, 2015
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Another swing low is needed on Crude oil before we can confirm a top in place at 62.55 and expect lower prices next week. If we will get a red wave v) down today, then a)-b)-c) retracement could be a nice short early next week and would also confirm bullish USDCAD.

CRUDE OIL (June 2015) 1h Elliott Wave Analysis

CRUDE OIL (June 2015) 1-Hour Elliott Wave Analysis Chart

S&P500 Futures are moving up on good data, now trading above 2100 so looks like that it's only question of when the S&P will move back to all time highs and not when. However, as soon as price reaches 2125 figure, we need to be aware of a bearish turn as we market can be heading higher for final stages of an ending diagonal.

S&P Futures (June 2015) 1h Elliott Wave Analysis

S&P Futures (June 2015) 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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