Elliott Wave Analysis For EURGBP and SP500

By: Gregor Horvat | Mon, Oct 13, 2014
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We do not track EURGBP much here, but I may personally keep an eye on it in weeks ahead as price could be pulling up, into another corrective wave 4 that can be a good short opportunity once the pattern unfolds. We see this wave 4 as part of a big impulsive drop from 2013 highs that can reach levels around 0.7500 by the end of the year. Resistance for wave 4 comes in around 0.8065, at former wave four.

EURGBP Weekly Elliott Wave Analysis

EURGBP Weekly Elliott Wave Analysis Chart

Traders, trading activity on the markets can be slow due to the U.S. celebrating Columbus Day holiday. On days as this one there are some shifts in trend as well called as "holiday reversals". So actually this move up on S&P from the low is very interesting but the question is if bulls will stay here. Well, we should get an answer tomorrow probably, when normal trading activity will be back. But for now this is looking encouraging as price is already at the upper resistance line but we need a decisive break above that line acceleration to 1930 to confirm a trend change.

S&P500 (December 2014) 30min Elliott Wave Analysis

S&P500 (December 2014) 30-minute Elliott Wave Analysis 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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