Elliott Wave Analysis On S&P500 And GBPUSD

Gregor Horvat

E-mini S&P500 is turning higher now approaching to the upper trendline of a corrective channel which will likely be taken out soon that will cause a quick rally up to 2060 area based on minimum projection. We expect this level to be hit while 2032 holds. Ideally however, uptrend will extend up to around 2075 as blue wave iii as part of an impulsive structure.

S&P 500 Hourly Chart

S&P 500 Hourly Chart

GBPUSD is on the rise, now in late stages of a black wave 3 which may slow down near 1.4270-1.4300 area, before market continues to 1.4320 projected level. We expect that wave C-circled will slow down in that region, ideally later this week when pair will make another reversal down for wave D.

GBPUSD Hourly Chart

GBPUSD Hourly Chart

Source: www.ew-forecast.com

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