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.


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

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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