HomeContributorsTechnical AnalysisElliott Wave Anaylsis: S&P500 and GBP/JPY Can Face Support

Elliott Wave Anaylsis: S&P500 and GBP/JPY Can Face Support

SP500 is turning south from the 2958 level where wave 5) of 3 has finished, and put a corrective wave 4 in play. We see choppy price activity within that pullback, now also reaching an important gap zone from April 1st which may cause a bounce. Also, index has retraced back into the area of a former wave four where current fourth wave of a higher degree may as well slow down. If we are correct then we will see a new shift to the upside soon.

S&P500, 4h

GBPJPY is trading in a simple three-wave, zig-zag correction down from 148.86 level, with leg C of B)/2) now in play. Ideally support for final leg within a wave 2) correction can be seen near the Fibonacci ratio of 38.2 or deeper around the 61.8 (142.63/138.5 region). Also former swing low of wave 2 can offer support for the pair.

GBPJPY, 4h

Elliott Wave Financial Service
Elliott Wave Financial Servicehttp://www.ew-forecast.com/
Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.

Featured Analysis

Learn Forex Trading