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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 On GBPUSD And SP500

GBPUSD

GBPUSD made a strong bearish leg after the price took out 1.4560 level at the start of January. Notice that current decline is extended, so it must be impulsive as part of a much bigger bearish cycle. However, price reached our Fibonacci projected levels for current wave 3-circled where bearish waves could slow down; but it may not be for long as current bounce will be treated as a correction within ongoing weakness towards 1.4000. However, wave 4-circled can recover back to 1.4560 before downtrend resumes.

GBPUSD, Daily

GBPUSD Daily Chart


S&P500

No change here on E-mini S&P500 for now; we still see price in minor fourth wave as part of wave C that can reach levels near 1940 before upside can be limited for a new turn down. Whole structure from Jan 19th low looks like a corrective move that can cause new turn down very soon, and push beneath 1888 will likely suggests that bears are already here.

S&P500,1H

S&P500 1-Hour Chart

 


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