Elliott Wave Analysis For S&P Futures, OIL And GOLD

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S&P Futures

S&P Futures reversed nicely higher on Friday from 1737 where we see a completed wave (c), third leg of a decline from 1773 which was an expanded flat formation. As such, we think that price is now back in bullish mode that could reach 1780 – 1800 in the next few days.

SPX Elliott Wave
SPX Elliott Wave

CRUDE OIL

Oil is at the lows, so obviously corrective bounce has unfolded sooner that we thought. Now when we are looking at the whole wave structure from the past 30 days we see prices moving down in wave 5 that could be targeting 90-91 region in the next few sessions. Once this zone is meet be aware of a corrective bounce.

 OIL Elliott Wave

OIL Elliott Wave

GOLD

GOLD has extended its decline in the last few sessions to 1260, but we still see it moving lower in wave v of i) which means that market could find a support soon and ideally it will reverse back up to 1305-1326 with wave ii). In that zone wave iv could react as a resistance and send prices lower again.

GOLD Elliott Wave
GOLD Elliott Wave

Written by www.ew-forecast.com
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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.