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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.
My main long term wave count for the British Pound is that a triangle lasting almost 3 years ended on October 31, and a thrust projected to move almost 4000 pips downward over the next year is underway.
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 (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
The upward movement from the November 1 low can be interpreted as a triple zigzag, and reversed right at the .786 fibonacci. The aggressiveness of the downward movement over the last 7 hours brings back the likelihood that the October 27 high may not be eclipsed this year or next, and is therefore the start of Wave C Burgundy, although the possibility still exists that after a black wave B (moving in 5 waves to around the A/C equality target of 1201 by mid-November), a seasonal year-end wave C black rally may follow before a larger burgundy wave C gets underway.
Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
With the chance of an ending expanding diagonal now invalidated, and the super bearish character of the move down from the top, this is now my main count, without reservation. Invalidation is now at 1.42477. Please be aware though that even wave 3′s don’t move down in a straight line. There are always partial retracements along the way.