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

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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