Crude oil is falling sharply making a new impulsive cycle from above $49 that can represent wave five in a bigger extended wave three. At the moment we see room down for decline to around 45 area before we may look for a bottom, most likely later this week.
CRUDE OIL 1h Elliott Wave Analysis
European indexes moved nicely to the upside today with German DAX trying to catch the S&P500 from last week. But since S&P500 is going no-where right now I am wondering if maybe DAX will face limited upside here and turn lower for a corrective set-back. In fact, the futures contract of the S&P500 have room for another leg down to around 2085-2090 support before wave 2 can be finished. Based on the structure from the last few days, we think that sooner or later S&P will move back to all-time highs.
S&p500 (Sep 2015) 1h Elliott Wave Analysis