Elliott wave Analysis: Crude Oil and S&P500 Intra-day Updates

Intermediate

Good day traders,

Crude oil is dropping in impulsive fashion, now ideally unfolding final stages as part of a bigger, bearish cycle, labelled as wave 5). We see price already dipping, approaching the end of leg 5 of 5), which can look for support, and a bullish reversal near the 54.50/54.0 region. A later rally in impulsive fashion, and above the 56.20 level would confirm a bullish reversal.

Crude oil, 1h

Crude oil 2019-05-31

S&P500 can be trading in wave »v«, the only question is if it’s as part of wave 5 or wave 3. However, the RSI bullish divergence is already showing that we may see some recovery at least in three waves back to around 2800 area. But, if we see a strong bounce back above 2840 region, then we may consider a much bigger recovery, because then we would have a completed five-wave decline.

S&P500, 1h

S&P 500 chart 2019-05-31

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Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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