Crude Oil And S&P Futures Are Showing Bearish Wave Structure
Oil prices moved lower earlier and found support around 105.30, around 261.8% Fibonacci extension level of wave (ii) as expected. We assume that wave 1/A is done and that wave 2/B rally will unfold in the next 24 hours with coming reversal from 107.20-108.00 region. After completed wave 2/B be aware of a new leg down while 109.30 is not breached.
OIL 1h
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S&P futures are slow, but still at the top of ending diagonal so be aware of a possible bearish reversal. Resistance is seen at 1696, but bearish confirmation level is at 1685.
S&P Futures 1h
Ending diagonal
An ending diagonal is a special type of pattern that occurs at times when the preceding move has gone too far too fast, as Elliott put it. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. In double or triple threes, they appear only as the final "C" wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.
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