Elliott Wave Analysis On SP500 And GBPUSD

By: Gregor Horvat | Wed, Jun 15, 2016
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S&P500

We see US stocks ticking higher at the moment ahead of the FOMC statement and press conference. However rally may not last long as we expect a three wave rise against previous five waves of decline which suggests that more weakness should follow after a completed wave B, ideally around 2090-2100 area.

S&P500, 1H

S&P500 1-Hour Chart


GBPUSD

GBPUSD has turned lower two days back when we highlighted 1.4300 resistance area for black wave 4. Pair has turned nicely down from there with more than 200 pips decline which we see it as wave 5, so now a new three wave recovery in wave four of a higher degree can be unfolding. If we are correct then 1.4300 should be important once again for a potential new sell-off later this week.

GBPUSD, 1H

GBP/USD 1-Hour 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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