Elliott Wave Analysis on GBPUSD and FTSE 100

29 June 2016, 14:39
Sherif Hasan


On the GBPUSD we are observing a nice impulsive structure from the lows, where end of blue wave 5 was labeled. Currently we see the price in a corrective pullback, specifically in red wave b), which could be near completion as three sub-waves are already visible within it. So now we still expect the price to make a little drop towards wave c), which can find a new support and a turning point higher around 1.3258 area, near the previous swing.

FTSE 100

FTSE 100 is going up as expected. After going above the upper corrective channel line, the price made a nice impulsive structure to the upside and we labeled this action as an undergoing blue wave iii, which still has room to go further to the upside. That said, minor red sub-wave iii) can be near completion, and may find its resistance near the  6.243 region, from where a minor temporary wave iv) can unfold and slow down the price action.

FTSE, 15Min

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