Elliott Wave Analysis on S&P500 and EURGBP

S&P500

Good Morning traders!

Last trading day of the month. Stocks are still in sideway consolidation with a bullish outlook. The calendar is reserved for the GDP figures from EU, US and Canada with US personal consumption data. Let’s begin with an overall stock index view to get a sense of the general direction. According to this count we are still in the risk on mode. S&P500 is trading in a complex correction, named a triangle, which seems to be in the final stages as of the current price action and unfolded sub-waves. We know that a triangle is a continuation pattern, so after its completion more upside could follow in red wave 5) to around 2.180-90 area.

S&P500, 1H

EURGBP

On the intraday chart of EURGBP we are observing a temporary correction in red wave B) taking place, that seems to be in final stages, specificaly in wave c with some room left for higher prices. Ideally, the turning point could then happen around the 850 mark.

EURGBP, 1H

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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