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

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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