Elliott Wave Outlook For DJIA & GBPUSD


US indexes fell yesterday to a new swing low, but we still do not see any significant bearish leg coming. On DJIA we see a corrective move that is part of incomplete rally. Based on latest wave structure we see a reverse symmetrical triangle placed in fourth wave that is now seeking for supports around 17000. Rally back to 17140 would out bulls in control for rally up into fifth wave.
DJIA 4h Elliott Wave Analysis
GBPUSD fell to a new low earlier today that can be fifth wave of decline from 1.6642 so a bounce in price will follow soon. We need a decisive push above 1.6151 to look for a higher price in expected wave 4).
GBPUSD 1h Elliott Wave Analysis

GBPUSD Intraday

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.