Elliott Wave Analysis On Crude OIL And S&P500
Crude oil is making a sharp bounce from 43.00 levels so we are now even more confident that deep retracement from August highs was corrective. It was made by three waves that appears completed now with current sharp leg unfolding to 46 level. It’s an impulsive reaction so more upside will be expected after any three wave retracement, that may occur from around 46.50-44.50 short-term resistance zone.
Crude OIL, 1H
E-mini S&P500 found strong support at the end of last week near 2155 level where market shows a completed A-B-C decline down in red wave 4). It was a contra-trend move that is pointing much higher, especially once market completes a five wave rise in black wave 1, then even stronger rise should occur after wave 2.
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