Elliott Wave Analysis On S&P500 And GBPUSD
S&P500
Good morning traders. Today we have UK CPI figure and US retail sales figure as main news on the calendar. Stocks continue to fall across the globe on Brexit fears and repositioning of the market participants. The FED rate decision is tomorrow but markets are now pricing 0% chance that FED will make a move after such low NFP figures.
Today we will cover S&P500. S&P500 fell yesterday from our resistance levels for the blue wave iv and is now trading lower in the blue wave v which should find support around 2.066-70 area. After black wave A is completed, we expect a three wave correction to unfold in wave B.
S&P500, 1H
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GBPUSD
On the GBPUSD we also see that price continued lower, after wave 4 reached its resistance. We are now trading lower in the black wave 5 and we are expecting to see even lower prices with a potential support at 1.3975. After reaching possible new lows, Cable will then have five waves to the downside and a three wave contratrend move will be expected to unfold.
GBPUSD, 1H
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