Elliott Wave Analysis: GBPUSD and SP500

By: Gregor Horvat | Tue, Jan 31, 2017
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GBPUSD

Cable is turning significantly higher after earlier decline down to 1.2412, so it appears that bulls can be back in control now, especially if we consider that decline from 1.2673 is in seven legs, thus a complex correction that is pointing to the upside. Break above the upper line is also nice for bulls, but would need a daily close for even stronger conviction that pair is headed lower.

GBPUSD, 1H

GBP/USD 1-Hour Chart


S&P500

No change on E-mini S&P500 for now, we see index still in A)-B)-C) bounce; a correction that is expected to see limited upside near 2280-2288 this week.

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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