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

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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