Elliott Wave Analysis On SP500 And GBPUSD

By: Gregor Horvat | Wed, Jun 15, 2016
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S&P500

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.

S&P500, 1H

S&P500 1-Hour Chart


GBPUSD

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.

GBPUSD, 1H

GBP/USD 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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