Elliott Wave Analysis On SP500 And Crude OIL

By: Gregor Horvat | Tue, Feb 16, 2016
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S&P500

E-mini S&P500 is bullish on short-term charts after very strong buying since Friday already which has an impulsive shape. We see a five wave move unfolding that is expected to continue towards 1900 objective soon. Ideally support will be find today near 1860-1870 for wave four. Invalidation level is at 1833; as long this holds momentum is on bullish side.

S&P500, 30 Min

S&P500 30-Minute Chart


Crude OIL

On the intraday chart of Crude oil, recent price movement made a nice reversal towards our support level at 29.00, meaning that the first bullish leg from 26.07 low is completed. That said current decline may be black wave A, the first leg of a three wave correction, that can ideally reach levels around 28.45-29 area, where fibo. ratios can cause a bounce.

Crude OIL, 1H

Crude Oil 1-Hour 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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