SP500 broke out of a triangle in the minor wave iv and is now trading higher into wave v of 3. We see resistance for this wave 3 around 2.150, from where a new turnaround lower may occur in three waves with possible support seen around 2.124 region, where formal wave iv can act as a turning point higher.
On the intraday chart of Crude OIL, blue wave 4 seems to be completed, as recent sharp reversal higher has accomplished red wave C), last leg of a three wave correction. That said we are now looking bullish and expect higher levels to follow, but as we know nothing moves in straight lines, so we have to be aware of temporary corrective retracements.
Crude OIL, 1H
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