The SPX500 fell nearly 2% on Wednesday but closed the session closer to 1% as bulls bought the dip. IN wave 4, the sideways market can be expected to last a little longer. As long as the index remains above 4420, another leg up is imminent.
Crude oil plummeted some 5% yesterday and judging by its structure one more leg down can be well expected. However, a double bottom is highly likely a case as the 5-wave move runs out of momentum.
The prices of Natural Gas printed a top after extending some 7% during Wednesday’s sessions as they formed a Doji candlestick pattern. With wave 3 in now, a correction can be made possible — sideways or a bit more bearish.
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Daily Elliott Waves Forecast: SP500, WTI, NATGAS (07.04.22)
The SPX500 fell nearly 2% on Wednesday but closed the session closer to 1% as bulls bought the dip. IN wave 4, the sideways market can be expected to last a little longer. As long as the index remains above 4420, another leg up is imminent.
Crude oil plummeted some 5% yesterday and judging by its structure one more leg down can be well expected. However, a double bottom is highly likely a case as the 5-wave move runs out of momentum.
The prices of Natural Gas printed a top after extending some 7% during Wednesday’s sessions as they formed a Doji candlestick pattern. With wave 3 in now, a correction can be made possible — sideways or a bit more bearish.
Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.
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