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Elliott Wave Analysis On Crude Oil And SP500

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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