Elliott Wave Analysis On S&P500 And Crude OIL
S&P500
E-mini S&P500 has been trading higher recently, above 2000 important psychological level so we assume that price is making impulsive recovery; now in fifth sub-wave of an extended wave 3) that can be making a top formation now, but only temporary as coming retracement is likely going to be another correction within uptrend. We are tracking red wave 4) that can retrace even back to 1970-1980 region where new bounce may happen at the start of April, after a visible A-B-C setback.
S&P500, 4H
Crude OIL
Crude oil has been trading higher as expected, but is now reversing down from 42.46 where energy can be looking for a top if we consider that price hit our Fibonacci projected area for wave five of C, and that oil now also trades outside of bullish channel. A divergence on the RSI also caused a turning point so everything suggests that even more downside can be coming. We however will need a five wave decline back to 37.63 area to confirm a change in trend.
Crude OIL, 4H
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