Looking for move in crude

S&P 500 (CME:SPM14) has turned nicely to the downside in the last 24 hours 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 we see room for a decline to 1800/10 level as minimum target on the bearish side.



Crude oil (NYMEX:CLK14) exceeded 102.20 swing high 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 traders 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.



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