S&P500 has turned nicely to the downside last week from 1865/1870 resistance area where wave 2/B completed a corrective rally. Market already reached a new swing low but based on downside fib. projections and strong bearish momentum price could be moving down in wave 3 towards 1765 zone. Only rally above the upper resistance line of a current downward channel would put market back in bullish mode.

S&P500 4h Elliott Wave Analysis

Crude oil exceeded 102.20 swing high last week which makes rally from 97.00 more complex but still corrective. We are looking at a three wave move with a triangle placed in wave b), so current leg from 99.87 can be wave c), final leg within a corrective advance, so we should be aware of a bearish reversal. An impulsive sell-off back to 101.50 will be an important sing for a completed recovery. In that case we would be looking for short opportunities again. Until then staying aside may not be a bad idea.

Crude OIL 4h Elliott Wave Analysis

Gold is recovering from 1277 low but still showing a corrective personality because of an overlapping price action. Therefore we think that rally from the low is temporary; ideally it's wave (b) that is part of a larger downtrend. We see price now moving into 1320-1342 reversal zone from where a new sell-off may occur. A decline in impulsive fashion will confirm a downtrend continuation for this market.

GOLD 4h Elliott Wave Analysis

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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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