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Elliott Wave Analysis of the GBP/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
I wouldn’t be surprised if we get a rally from here in Cable, lasting possibly through tommorrow, to complete the correction of yesterday’s huge downward impulse. If that occurs, it would likely be mimicked in the equity markets as well.
Elliott Wave Analysis of the S&P-500 ES futures contract by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
The most recent whipsaw may be complete, and I think the S&P is getting close to starting into a move back to the bottom of the recent range. The fact that a large WXY combination correction can count as complete, (or nearly so), leaves those holding long equity positions in a high risk situation at this time, in my opinion.
Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
We may have seen the end of wave 1 blue today, although there is a slightly lower fibonacci target at 1.334, if wave 5 green within wave 5 pink reaches .382 times the net distance traveled by waves 1 through 3 green. Downward momentum is definitely waning, as shown by the double divergence in the MACD. Also, if wave 5 pink ended at 1.33627, it is virtually equal in length to wave 1 pink, a highly typical relationship.
Sid
http://ElliottWavePredictions.com
Note added Monday mid-morning (Oct 3): If the Euro moves below 1.3235, an expanded flat for wave 2 blue is unlikely, and wave 2 blue therefore may have ended on Thursday (Sept 29) after a very short, choppy, and anemic rally to 1.368. This would mean that wave 3 blue to the downside is already underway. There is one other possibility that downward movement in Euro is about to subside (for a bit) though, which calls for wave 5 pink to just now be completing as an expanding ending diagonal. This would have wave 1 blue ending on Monday or Tuesday, Oct 3 or 4. A slight bit more downward movement below 1.3235 is allowable in that scenario, after which, a wave 2 blue correction would commence, theoretically taking the Euro back into the upper 1.3′s.
Elliott Wave Analysis of the SPX index (S&P-500) by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.
Movement in the SPX has continued to progress as expected. Here is my main wave count depicted on weekly, daily, and 60 minute charts . .