S&P 500 Futures
4 Hour Chart trend: Long. Main price points: 886.50, and 940. Looking for: Corrective wave IV).The 38.2% support on the S&P Futures chart held very well during the last few sessions, and the triangle formation in black wave IV) looks to be building credibility. The market, however, needs to make two more legs before the triangle will be finally completed. Triangles are made by a five legs, labeled as waves a, b, c, d and e. If this wave count is correct then wave d) is now in process which must not break through the previous highs of wave III) and red b. Once this triangle pattern completes, we will be looking for a move to at least the 940 area.
Gbp/Usd: Elliott Wave Analysis
4 Hour Chart trend: Long. Main price points: 1.4395. Looking for: Wave IV).
Cable is trading sharply lower at the moment from the 1.5245 highs, made on Friday. So, we have reworked the previous wave count into more large and extended black wave III) as on the first place. Prices are now trading in a corrective wave IV) right now where we will be looking for a simple zig-zag correction, with the possible lows around 38.2% of wave III) distance. In this area we can also see a support from blue wave iv of lesser degree which may be the key for a bounce higher. The wave count however, will be valid as long as the prices will be trading above 1.4395 critical area.
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