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Elliott Wave Analysis On Crude OIL And SP500

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

Crude Oil 1-Hour Chart


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

S&P500 1-Hour Chart

 


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