Elliott Wave Analysis: SP500 and GBPUSD

By: Gregor Horvat | Wed, Mar 29, 2017
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S&P500

Stocks appears to be in a very nice bullish mode, at least on intraday chart with that five-wave rally from 2321 low that should be part of a bigger cycle. As such, we will look for more upside in the next few sessions, but first we still think that a)-b)-c) set-back can see deeper levels. Ideally support will be found near 2340 area.

S&P500, 1H

S&P500 1-Hour Chart


GBPUSD

Cable has seen a nice intraday move up to 1.2472 which appears to be a spike that completed wave four at resistance. As such, we will stick with bearish view for a fifth wave of a decline to around 1.2340/50 area. After that, be aware of a new turn up for a wave "b" correction

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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