Correlation in SPX and Crude - both to resume decline this week
HI All,
SPX and Crude seemed to go in pair for some time now. They went up after a strong decline, traced their corrective structures up, and are getting ready for a decline again.
I estimate both Crude and SPX still need one minor push up in order to complete the correction. Crude, to possibly go to 52 handle, while SPX might hit 2040 range in order to have a touchdown with the trading range of May-July.
Both are supposed to decline strongly in the next 6 weeks. Crude is supposed to match or better the 38 low, while SPX target is 1720-1730.
SPX and Crude seemed to go in pair for some time now. They went up after a strong decline, traced their corrective structures up, and are getting ready for a decline again.
I estimate both Crude and SPX still need one minor push up in order to complete the correction. Crude, to possibly go to 52 handle, while SPX might hit 2040 range in order to have a touchdown with the trading range of May-July.
Both are supposed to decline strongly in the next 6 weeks. Crude is supposed to match or better the 38 low, while SPX target is 1720-1730.