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Short Term Elliott Wave Swings On Crude OIL and SP500

By: Gregor Horvat | Monday, June 23, 2014

Crude oil gaped higher on Sunday, and reached new highs above 107.00 as expected, after clearly corrective set-back from 106.80 to 105.06. We can already see some bearish reversal from the high, but still not sure if wave (v) is done. We may see a re-test of the highs, but we however think that market is in final stages of an uptrend and that sooner or later crude will turn bearish. The RSI is already showing signs of a divergence. Keep an eye on 105.80 figure; a daily close below that level would indicate a top formation.

Crude Oil (August 2014) 1h Elliott Wave Analysis

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

The US market will open in around 30mins most likely in negative territory as markets are down in pre-trading driven by lower European shares. We however anticipate a reversal in price already at the end of the last week because of a five wave rally in blue wave (iii). As such, we expect a short-term correction back in wave (iv) that may look for a support around 1943/1947.

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

S&P500 (September 2014) 1-Hour Elliott Wave Analysis 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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