Elliott Wave Analysis On GBPUSD And SP500
GBPUSD made a strong bearish leg after the price took out 1.4560 level at the start of January. Notice that current decline is extended, so it must be impulsive as part of a much bigger bearish cycle. However, price reached our Fibonacci projected levels for current wave 3-circled where bearish waves could slow down; but it may not be for long as current bounce will be treated as a correction within ongoing weakness towards 1.4000. However, wave 4-circled can recover back to 1.4560 before downtrend resumes.
No change here on E-mini S&P500 for now; we still see price in minor fourth wave as part of wave C that can reach levels near 1940 before upside can be limited for a new turn down. Whole structure from Jan 19th low looks like a corrective move that can cause new turn down very soon, and push beneath 1888 will likely suggests that bears are already here.
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