Elliott Wave Review For Crude OIL And SP500

By: Gregor Horvat | Tue, Mar 11, 2014
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Ideally crude oil accomplished corrective rally for wave (b at 102.88 after recent five wave decline to 100.80. There are some other alternate counts also possible (wave b) flat) for a re-test of 103.00 area, but in either case the structure is calling for $100 in this week, while 105.22 high from last week remains in place.

Crude Oil (Apr 2014) 1h Elliott Wave Analysis

Crude Oil (Apr 2014) 1-Hour Elliott Wave Analysis Chart

The S&P500 is at all time highs and based on the latest structure on the intraday charts we will see a move back to the highs. The reason is a three wave decline that is considered as corrective move, now completed after rally out of a downward channel. 1900 remains attractive level it seems, but very important psychological level that may turn into a resistance in days ahead.

S&P500 (Mar 2014) 1h Elliott Wave Analysis

S&P500 (Mar 2014) 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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