Elliott Wave Analysis On SP500 And GBPUSD
We see US stocks ticking higher at the moment ahead of the FOMC statement and press conference. However rally may not last long as we expect a three wave rise against previous five waves of decline which suggests that more weakness should follow after a completed wave B, ideally around 2090-2100 area.
GBPUSD has turned lower two days back when we highlighted 1.4300 resistance area for black wave 4. Pair has turned nicely down from there with more than 200 pips decline which we see it as wave 5, so now a new three wave recovery in wave four of a higher degree can be unfolding. If we are correct then 1.4300 should be important once again for a potential new sell-off later this week.
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