Elliott wave Analysis: S&P500 and Crude OIL Update
Elliott wave Analysis: S&P500 and Crude OIL Update
S&P500 is trading in a three-wave rise, as part of a corrective blue wave B. We see legs A) and B) of this correction complete, so current rally can be final wave C) of B. That said, price is approaching some interesting resistance near 2727/2750 area, where bulls could slow down, and more weakness could follow into blue wave C. A later drop below the lower channel line would indicate a completed blue wave B correction, and a bearish reversal to be in progress.
S&P500, 4H
Crude oil bounced nicely two days ago, suggesting that a low has been found for sub-wave C) of 4 at the 58.05 level, and that the bigger correction is complete. As such former swing high at 58.6 also proved to be great region of support. That said, we now expect price to unfold a minimum three-wave recovery to the upside. A breach above the 62.1 level would confirm more upside, ideally even towards 65.00 region.
Crude oil, 4H
Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.
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