By Elliott Wave Analysis Service | Crude oil is moving nicely down since price broke through the lower support line of a corrective channel. We can see lower lows and lower high with evidences of an impulsive price action that could send crude oil back to 95 maybe even 94 level in the next few trading day.
S&P Futures reversed sharply lower yesterday, out of the latest upward hourly channel which is important sign for a temporary trend in change especially if we consider that decline look impulsive. As such, we suspect that market found a temporary top and that prices are heading lower in minimum three legs .we will be tracking an (a)-(b)-(c) down where (b)-wave could be interesting for possible intra-day shorts for wave (c) down, but most likely not early than on Monday.
S&P Futures 1h