EUR/USD - The rally has gained more power than first expected, due to hope that the Euro-crisis will soon be resolved... Not quite my view, but we must respect the market-action until we get signal, that the upmove since 131.44 is over.Looking at the last part of the rally, it does look very weak, but we need a break below 138.21 and more importantly 137.03 to confirm that a top is in place.
S&P 500 - Here too the rally has proven stronger. We have exceeded the 50% retracement corrections-target, which means we could be headed towards the 61.8% corrections-target near 1,258, but already at 1,241 strong resistance will be seen. However we need a break below 1,197 to confirm that a top is in place for a decline towards 1,150.
Gold - The break above 1,634 has opened for a move higher towards 1,664, however I still think that a more definite test of strong support at 1,535 should be seen. Only a break above 1,695 will confirm, that we have already have seen a firm bottom for a new challenge of resistance near 1,761.
Crude Oil - Still hoovering just below the 38.2% correction target of wave 1 down at 90.00.
I'm still looking for a break below 84.10 to confirm that a top is in place for a decline towards 75 and lower. Longer term I'm looking for a continuation down towards the low 40's and ideally just below the low of wave [A] at 32.40.
No comments:
Post a Comment