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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 S&P-500 (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
I’m considering flipping my main and alternate counts. The systemic problems in Europe may be too severe to expect the typical seasonal year-end rally to amount to much. I’ll be going over the main and alternate wave counts in my upcoming LIVE webinar, as well as a new potential development, where the topping process of the rise since October 4 in some indices may be carving out a similar, but faster acting pattern (fractal) of the topping process we just saw in the US equity indices from February 18 through July 22. This alternative would support my long time expectation that equities would somehow hold up through year-end.
Within wave 1 blue, I am counting 5 pink waves as nearly complete. My current target for the end of wave 1 blue is where an extended wave 5 pink within it will equal the net length traveled by pink waves 1 though 3. That is at 1212.3. The next target below that would be at the 2.618 relationship, but that seems a bit less likely due to the deeply oversold short-term condition. Also, metals, which have been highly correlated with equities lately, already bounced this morning.