Elliott Wave Analysis: GBPUSD and S&P500

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GBPUSD

We see the USD index turning lower for a deeper correction, so for now other currencies will be strengthening. On the cable we have seen a very deep three complex correction in wave 2)/B) that appears to be finished near 1.2380, so traders should be aware of a third leg up. We see a nice bounce so far, currently with the price testing the upper channel line where a breakout can be coming which will open the door for a move up above 1.2600.

GBPUSD, 1h

S&P500

E-mini S&P500 stays in bullish mode for now; the currently making an extended blue wave five in 3 which can reach 261.8% extension target of wave 1, measured from wave 2 low. This is not far away, so traders should be aware of a limited upside and turn lower into a new corrective set-back; wave 4 as shown on the chart.

S&P500, 1H

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About Author

Gregor Horvat is  based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market. Gregor Horvat is also founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success. Gregor Horvat Chief  Technical Strategist Website:  For more analysis visit our website and Try our services absolutely free for 7-days! http://www.ew-forecast.com/service//

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