Looking for a 5-wave rally in the S&P 500

S&P 500 (CME:SPM14)

The S&P 500 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 (NYMEX:CLK14)

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.

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