Elliott Wave Analysis on GBPUSD and FTSE 100

GBPUSD

On the GBPUSD we are observing a nice impulsive structure from the lows, where end of blue wave 5 was labeled. Currently we see the price in a corrective pullback, specifically in red wave b), which could be near completion as three sub-waves are already visible within it. So now we still expect the price to make a little drop towards wave c), which can find a new support and a turning point higher around 1.3258 area, near the previous swing.

GBPUSD, 30Min

FTSE 100

FTSE 100 is going up as expected. After going above the upper corrective channel line, the price made a nice impulsive structure to the upside and we labeled this action as an undergoing blue wave iii, which still has room to go further to the upside. That said, minor red sub-wave iii) can be near completion, and may find its resistance near the 6.243 region, from where a minor temporary wave iv) can unfold and slow down the price action.

FTSE, 15Min

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on 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 Ew-forecast he helps clients and educates them about the Elliott wave principle 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!

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