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E-mini SP500 And Crude OIL Intraday Elliott Wave Outlook

By: Gregor Horvat | Tuesday, December 3, 2013

Staying with a dirrection of a trend should be the most important for traders and analysts. So despite a five wave down on the S&P 500 I am tracking a corrective price action, called an expanded flat where wave c is made by five waves. So if my interpretation is correct then we will see a bounce from around 1791-1795 zone. If we go down to 1775 then then is most likely not a flat. Guys, I will be back with you later, at the start of the New York session.

S&P500 (Dec 2013) 1h Elliott Wave Analysis

S&P500 1-Hour Chart

Recent leg to a new low on Crude Oil was made in three legs which is a structure of a corrective pattern, so we think that wave 4 from Nov 14 is still unfolding. We are now observing idea of a running traingle with wave (c) underway that is expected to stop around 94.60-95.00 region.

Crude Oil (Jan 2014) 1hElliott Wave Analysis

Crude Oil 1-Hour Chart

 


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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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