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GBPUSD and S&P500 – Elliott wave Analysis

GBPUSD is trading nicely to the downside, now seen making a five-wave sequence within blue wave three, with minor red wave iii) leading the way. That said, drop from 1.4146 can be part of a higher degree wave 3 or C, that can stop near the lower channel line near 1.3499/1.3555 zone, and there make a new minimum three-wave recovery. However, if the price for any reason breaks above the 1.3914 level, then this could potentially suggest a new trend change, back to bullish mode.

GBPUSD, 1H

E-mini S&P500 is trading at the lows, showing a strong bearish intraday trend which may stay here for some time as turn down from 2790 looks impulsive. However, pullbacks will occur so be aware of three wave rallies; ideally up from 2680-2690 area.

S&P500, 1H

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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!