Elliott Wave Analysis: SP500, EURUSD And GBPUSD

By: Gregor Horvat | Thu, Mar 13, 2014
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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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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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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