CRUDE OIL

Crude oil is turning higher today from 44.50 area where market might have found a low. It's still a little early to confirm any reversal here, but further rise towards 47 and then 48.27 would definitely be important indication for a trend change. In that case we will look much higher in sessions and days ahead back to 50 and then even to new high of the year.

Crude OIL, 1H

S&P500

Stocks are in strong recovery, making a new leg up following good NFP report on Friday. On E-mini S&P500 there is a nice and strong move from 2080 to recent high which appears to be wave three of a five wave structure. As such, we will be looking for more upside after any small pauses. Well, it appears that recently we have seen fourth wave of wave 3 that is now pointing close to 2140 region.

S&P500

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