Elliott Wave Analysis On GBPUSD And SP500

By: Gregor Horvat | Mon, Feb 1, 2016
Print Email

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

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 


 

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.

EW-Forecast: To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com