Elliott Wave Analysis On EURGBP And SP500

By: Gregor Horvat | Thu, Sep 1, 2016
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EURGBP

EURGBP is in sharp move down following much better than expected UK Manufacturing PMI figures (53.3 vs 49.1). But despite strong leg down we see EURGBP in wave 5) here still, but with an extended structure now that is trading towards 0.8350 zone where we may see limited downside as new corrective bounce will be expected to unfold.

EURGBP, 4H

EUR/GBP 4-Hour Chart


S&P500

E-mini S&P500 is showing a triangle in progress, currently turning down for wave E which is last leg of the pattern so weakness may stop at the lower side of a range. If we are correct then new bullish leg will start in the next 24 hours, maybe after the NFP report tomorrow.

S&P500, 1H

S&P500 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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