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Gregor Horvat

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…

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Elliott Wave Analysis: SP500, EURUSD And GBPUSD

The S&P500 found support yesterday around 1853, at the lower side of a downward channel that is now pointing higher again as decline from 1187 unfolded only in three legs. A break above the upper trend like will open door for 1900.

S&P500 (Mar 2014) 1h Elliott Wave Analysis

S&P500 (Mar 2014) 1-Hour Elliott Wave Analysis

While the S&P is showing bullish structure the USD remains weak. On EURUSD we have seen a nice reaction in this week from 1.3820/40 support that we have been focusing on. Current upward reaction is sharp with no overlaps so we assume that rally is impulsive with room for 1.4000 in sessions ahead. In the meantime, 1.3913 support must not be breached.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis

GBPUSD also turned up in the last 24hours after a five wave decline from 1.6783. Pair is already above wave (iv) swing so ideally we have seen a low at 1.6566 figure. In fact , rally from the lows is showing impulsive personality, so looks like pair is heading much higher. A coming intraday retracement will be wave (ii).

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis


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