Elliott Wave Analysis On EURGBP And SP500

By: Gregor Horvat | Thu, Sep 1, 2016
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EURGBP

EURGBP is in sharp move down following much better than expected UK Manufacturing PMI figures (53.3 vs 49.1). But despite strong leg down we see EURGBP in wave 5) here still, but with an extended structure now that is trading towards 0.8350 zone where we may see limited downside as new corrective bounce will be expected to unfold.

EURGBP, 4H

EUR/GBP 4-Hour Chart


S&P500

E-mini S&P500 is showing a triangle in progress, currently turning down for wave E which is last leg of the pattern so weakness may stop at the lower side of a range. If we are correct then new bullish leg will start in the next 24 hours, maybe after the NFP report tomorrow.

S&P500, 1H

S&P500 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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