Elliott Wave Analysis: Crude OIL and SP500 Intraday

By: Gregor Horvat | Wed, Jun 11, 2014
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We are still looking down on crude oil in the short-term for wave c) to complete a contra trend move around 103.30/103.70. Minor upward channel of wave b) gave way, so we definitely could see some weakness in the next couple of hours. However, keep in mind that larger trend is up and that this is just a temporary set-back.

Crude Oil (July 2014) 1h Elliott Wave Analysis

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

Traders, we have seen some solid weakness on European stocks today, which also pulled down the S&P futures. For now decline on the S&P is in three legs so move can be corrective, and part of incomplete uptrend. I think that break above 1950 will open door for 1962.

S&P Futures (June 2014) 1h Elliott Wave Analysis

S&P Futures (June 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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