Elliott Wave Analysis On S&P500 And Crude OIL
E-mini S&P500 is back at the highs, now already in black wave 5 of 5) about that we talked in our recent updates. Price is also now approaching 2100 level where gains can be limited based on psychological level right at some Fibonacci resistance region. We also see divergence on the RSI which means that we have to be aware of a bearish turning point.
S&P500, 4H
Crude OIL
Crude oil turned sharply down so price is probably still trapped in a corrective formation. We are looking at a flat now; an A-B-C pattern that can extend down to 35.22 level with five waves of decline in wave C. So if we are correct, then energy market could turn back to bullish mode again at the end of the month, when wave 2) (or wave B) ) will be finished.
Crude OIL, 4H
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