As expected, the S&P500 has turned bearish after a five wave rally from 1832 up to 1890/1900 resistance zone. Market fell sharply to the downside, clearly in impulsive fashion and filled the gap from a week back. Because of strong bearish momentum current leg is considered as first leg within ongoing weakness. Therefore we will be looking even lower after any corrective retracement back to 1870 that may occur in the next few days.

S&P500 4h Elliott Wave Analysis

Crude oil is retracing from 98.80 after strong sell-off a week back. For now we see rally as corrective bounce within larger downtrend. We will stick to a bearish case as long as market trades beneath 102.20 (short-term invalidation level), as we cannot ignore previous three wave rise and broken channel.

Crude OIL 4h Elliott Wave Analysis

Gold fell to new low last week after a minor triangle placed in wave four. We know that triangles occur prior the final leg within a larger pattern. As such, latest move down was fifth wave, final leg within wave (a) that sent prices up at the end of the week. Ideally we we will see a three wave rally now up in wave (b), back to 1320/1342 reversal zone. For now, price is still in wave a) but it can be near completion so be aware of a minor wave b) pullback in the next few sesions.

GOLD 4h Elliott Wave Analysis

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