Elliott Wave Analysis: SP500 And GBPUSD

By: Gregor Horvat | Tue, Nov 29, 2016
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S&P500

US stocks are turning down at the start of the session, but based on slow and overlapping price action down from recent high on E-mini S&P500 contract, we think that downside is limited based on corrective look. Pullback is labeled as wave 4) which may find a support at 2192-2197 area in the next few sessions.

S&P500, 1h

S&P500 1-Hour Chart


GBPUSD

Cable bounced from 1.2388 with five waves which means that corrective flat formation can be finished in red wave 2), so more upside may follow on cable in sessions ahead, minimum towards 1.2600 based on of projection of equal legs.

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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