OIL- Corrective Rally
Crude oil is still trading to the upside towards $100 per barel. It seems that move from 96.20 is in five waves so we adjusted the wave count as market could already be making wave C, final leg of wave 4) that could turn down from 100-101 resistancea area.
OIL 4h Elliott Wave Analysis
E-mini S&P500 – Wave (v) In Progress
S&P500 is trading nicely higher from 1753 where we called end of a flat in wave (iv). Price is already at new all time highs so wave (v) is underway that should be made by five smaller waves. At the moment we see price at 261.8% extension level of wave i) so we think that sooner or later price will make a pullback in wave iv) before uptrend resumes up into five of five.
E-mini S&P500 4h Elliott Wave Analysis
Written by www.ew-forecast.com
