Elliott Wave Analysis On GBPUSD And S&P500
GBPUSD
GBPUSD has turned sharply lower since Monday from 1.4769 where we see first signs of a top in place. Reason is a strong, impulsive decline and broken channel line connected from 1.4090 that puts bearish trend in play. So ideally market accomplished a big corrective wave IV that was underway since end of February. This however is still an early call, but we will definitely look for three waves down minimum back to 1.4400.
GBPUSD, 4H
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S&P500
E-mini S&P500 has turned nicely lower last week as expected after a break beneath the trendline support connected from end of February. We see current decline complex, so ideally market is headed down to around 2025-2033 levels where former wave four swing low and 23.6% Fibonacci level can turn into a good support. We think that price will resume its uptrend this month for 2104.
S&P500, 4H
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