Elliott Wave Analysis For Crude OIL and SP500 Intraday

By: Gregor Horvat | Mon, Oct 27, 2014
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Energy markets are trading lower today with crude oil at the lows as our complex fourth wave transformed into a triangle and not a zigzag. As such, current leg down is already wave (v) that can be targeting 78.00 in sessions ahead, but 81.23 must stay in place, otherwise count will become invalid.

Crude Oil (Dec 2014) 1h Elliott Wave Analysis

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

The US markets are falling, following the bearish pattern that we have seen during whole Europe today. German DAX lost more than 250 points today while the S&P futures came down more than 20 points from Friday highs. We see corrections in play on stocks now, On the S&P we anticipate a three wave set-back before uptrend may resume again. Current price is weakening in wave (a) so be aware of more sideways or even bearish price action. Ideally we will see 1920 tested before uptrend comes back in play.

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

S&P500 (Dec 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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