Crude oil finally showing signs of bearish reversal

The S&P 500 (CME:SPM14) has turned significantly to the upside in the last two weeks and recovered above the upper channel resistance line. Move from 1803 can be counted in five waves, thus it's part of a bigger move that should be made minimum in three legs. However, before uptrend resumes we need to be aware of a three wave corrective retracement that can already be underway now back to 1840-1856 region.


S&P 500 4-hour Elliott Wave Analysis



Crude oil (NYMEX:CLM14) is now finally showing signs of a bearish reversal after very long and deep correctly rally from 96.40 low. Move from there has unfolded in three legs that now appears complete after a strong reversal down from around 104.10 level and back to the support channel line. A reversal from the highs is very strong strong with increase in volume and momentum, so it looks like the break through the channel support line may occur soon which will open the door for much lower levels on this market.

Oil 4-hour Elliott Wave Analysis


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