Given the size of the recent upswing in Crude I do believe we are dealing with w4 of the , and this wave is to be finished early next week. I expect therefore more decline in Crude in w5 and in SPX of course (Crude will go down together with SPX ). The comparison of SPX vs Crude in Aug showed that SPX made its largest decline during w5 of Crude decline. This means that SPX investors resist the selling pressure to the latest possible stage, but once the resistance is over, a substantiaion sell-off happens.
So, next two week:
1) More decline in Crude
2) More decline in SPX
Also, more decline in Gold and Silver in order to complete their own ending diagonals. I have some doubts but I suspect that metals may rebound earlier than Crude.
Watch out: the next two weeks will offer some very sizeable movements and some extremely important reversals will occur at the end, all of which will set the beginning of new multi-month trends. Pay attention, stay focused, use all opportunities for profit!
Based on elliot theory i would love to see volume picks up to give some alert, and watch that 40.40 level which represent the recent low and 37.50 level which represent the major low
I can't imagine gold going up first before and oil going lower while SPX is correcting also. Thoughts?
I'm thinking the bear should end in dramatic violent action to the downside so commercial can load up at lowest best price possible. Just thinking 60 from here would not cut it but wanted to get your opinion on it. I was thinking another 100 points from here?