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Elliott Wave Analysis: GBPUSD and S&P500

Good day traders! Today’s focus will be on the GBPUSD and S&P500. Let’s jump in.

GBPUSD can be trading in a three-wave bullish reversal, with the first blue wave i/a trading in the final stages. As we can see cable found a base for the previous bigger wave 5) near the 1.2774 region, meaning if the price trades as planned, than a five-wave rally could follow rather than a three, which means the region near 1.2916 level would be in sight.

GBPUSD, 30Min

 

S&P500 made a new bounce, away from blue wave two correction which we now see as part of a minor red wave i) of three. Ideally blue wave two correction is now over and more gains may come. A breach above the upper channel line will be a confirmation for more upside.

S&P500, 30Min

Gregor Horvat

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!