Elliott Wave Analysis For GOLD, OIL and SP500
S&P500 has hard times here trying to make a decisive break above 1880/85 level. In fact, market has turned lower yesterday slightly beneath the trendline connected from 1803 which may indicate a complete rally at 1885 that was made in three legs. Therefore we suspect that move belongs to wave B that is part of a larger incomplete corrective wave four as shown on a daily chart. If that is the case then price should continue south in wave C, but we need more aggressive weakness, back to 1843 to confirm bearish waves for the short-term.
S&P500 4h Elliott Wave Analysis
On crude oil we adjusted the wave count as rally from 98.74 swing low is becoming more and more complex so we assume that is part of a corrective wave of a higher degree than firstly thought. As such we labeled a completed five wave decline in red wave i at 98.74 so current bounce can be wave ii) that may look for a top formation around 101-102 region, at former wave iv and close to a broken trend line from 96.40 that may react as a resistance.
OIL 4h Elliott Wave Analysis
As expected GOLD has turned higher and finally reached levels above 1306 that we were looking for over the last two weeks. We see market now trading higher in third leg of recovery that can either be wave c) or wave iii), but in both cases we expect a move up to 13331 swing from mid-April so there is room for more upside in this week. 1273 is now new critical level, as long the support holds trend is up.
GOLD 4h Elliott Wave Analysis
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