S&P 500 Update

Yesterdays move above the April 17th high on the S&P 500 has invalidated my previous wave count. My updated count moves the wave 5 high to April 13th. The market has been showing good strength which I think will continue for several more weeks as waves 2 thru 5(or B,C) complete. However, we may have made a short term top here as a possible upwave within wave 2 completes.

Crude Oil Low

This is a six month chart of the Crude Oil ETF USO. The April 21st low is a .618 retracement of the A wave up from the February low. Todays sharp selloff looks like a successful retest of that low. The 1st price target is the wave A March high at 32. The April 21st low also forms the right shoulder of a head and shoulders bottom formation.