The weekly continuous chart of Crude Oil appears to be completing a post triangle trust up from an Elliott wave Horizontal Triangle. The broad target zone is 60.90 - 62.20.
There is strong Fibonacci relationships in this price zone. The entire structure from the major bottom appears to be an A-B-C Zigzag with a Horizontal Triangle in the "B" wave.
Wave (A) = 25.62 x .618 = 15.83 added to the end of the Horizontal Triangle - wave "E" at 45.58 targets 61.41 Also, most of the time a post triangle trust is equal to the widest part of the Horizontal Triangle. The widest part between waves "A" and "B" 55.24 -39.19 = 16.05 + 45.58 wave "E" = 61.63 Two Fibonacci targets very close to each other represent very strong resistance/support. Additionally the target zone is in the area of prior significant chart resistance.
The BIG MONEY - Commercials have the highest short interest in over twenty years! You want to follow the BIG MONEY. Seasonal patterns are very bearish until the end of December.
If the upside target zone is hit and a top holds, Crude Oil could decline to at least the low 50 area by the end of December 2017.
Crude Oil has generally moving up with the SPX since late August, so its possible US stocks could hit at least a short term top.
Be aware that seasonal patterns for Crude Oil are bearish in December. US stocks are seasonably bullish in December.
As I've mentioned in a prior post November is the most bullish month for US stocks. Todays new all-time high for the SPX and IXIC is additional proof of Novembers bullish tendency. Sometimes to determine a markets likely direction all you have to do is look at the calendar.
EUR/USD does not have a strong relationship to either the SPX or Crude Oil.
Thank's in advance.
Axeas