S&P500 broke above 1876 and is now approaching all time highs, so we adjusted the wave count and now looking for a five wave rally in progress from 1833 swing low. At the moment leg still cannot be counted in three waves, so looks like price will stay bullish for the next few sessions and possibly hit 1890/1900 area.

Crude OIL 4h Elliott Wave Analysis

Crude oil fell sharply to the downside yesterday, in impulsive fashion through the lower support line of an upward channel. Rally to 102.20 has unfolded in three waves, thus it's consider as a corrective move, now completed so we expect a continuation to the downside. Ideally market will reach 97.00 again as long as 102.20 is not breached.

GOLD 4h Elliott Wave Analysis

Gold fell to new low in this week after a minor triangle placed in wave four. We know that triangles occur prior the final leg within a larger pattern. As such, latest move down should be wave five that will completed an impulsive decline from 1392. With that said, traders should be aware of a corrective rally in three legs; ideally back to 1320-1342 zone where we would turn bearish again.

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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