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Gregor Horvat

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…

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Elliott Wave Analysis On SP500 And Crude OIL

S&P500

E-mini S&P500 is bullish on short-term charts after very strong buying since Friday already which has an impulsive shape. We see a five wave move unfolding that is expected to continue towards 1900 objective soon. Ideally support will be find today near 1860-1870 for wave four. Invalidation level is at 1833; as long this holds momentum is on bullish side.

S&P500, 30 Min

S&P500 30-Minute Chart


Crude OIL

On the intraday chart of Crude oil, recent price movement made a nice reversal towards our support level at 29.00, meaning that the first bullish leg from 26.07 low is completed. That said current decline may be black wave A, the first leg of a three wave correction, that can ideally reach levels around 28.45-29 area, where fibo. ratios can cause a bounce.

Crude OIL, 1H

Crude Oil 1-Hour Chart

 


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