Elliott Wave Analysis On Crude Oil And SP500

By: Gregor Horvat | Wed, May 25, 2016
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Crude OIL

US markets are open for trading. OIL looks to be out of the triangle and so we are looking higher in the impulsive 5 wave up. The first impulsive blue wave one is already finished and now we expect a temporary pullback in wave ii at around 48.60, from where a strong move to the uspide may follow as wave three. Resistance and possible completion of this impulsive rise from 47.65 zone may be seen around 50-51 region.

Crude OIL, 1H

Crude Oil 1-Hour Chart


S&P500

S&P500 after a recent strong push up is still trading in impulsive fashion and may be completing blue wave iii up soon. We expect resistance around 2.087 and then a corrective pullback of the blue wave iv near the previous level of the minor wave four around 2.070 levels.

S&P500, 30 Min

S&P500 30-Minute 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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