Elliott Wave Analysis On SP500 And Crude OIL

By: Gregor Horvat | Tue, Jul 12, 2016
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S&P500

SP500 broke out of a triangle in the minor wave iv and is now trading higher into wave v of 3. We see resistance for this wave 3 around 2.150, from where a new turnaround lower may occur in three waves with possible support seen around 2.124 region, where formal wave iv can act as a turning point higher.

S&P500, 1H

S&P500 1-Hour Chart


Crude OIL

On the intraday chart of Crude OIL, blue wave 4 seems to be completed, as recent sharp reversal higher has accomplished red wave C), last leg of a three wave correction. That said we are now looking bullish and expect higher levels to follow, but as we know nothing moves in straight lines, so we have to be aware of temporary corrective retracements.

Crude OIL, 1H

Crude Oil 1-Hour 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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