Original post below:
EUR/USD - We obviously needed a care-run to 134.42 to force out all the bears, that was looking for a possible minor inverted S/H/S bottom. The following price-action clearly tells us, that the trend is firmly down for a break below 132.10 soon, with next support at 131.40.
USD/JPY - Here too the decline got a little deeper than expected, but the top of red wave i at 77.58 was not penetrated, which leave us with two possible counts. One is, that we saw the top of red wave iii at 78.23 and red wave iv at 77.59 and we should now be looking at red wave v towards 78.95. The more bullish count is that the rally from 76.99 to 78.23 only was wave i of red wave iii calling for a much more powerful rally soon, which should break clearly trough 78.95.
S&P 500 - tried to break above resistance at 1,198 without success. We might see one last failure towards 1,205, but I will not be betting on it and I'm now looking for a break below 1,184.50 to confirm, that the next downside pressure has begun in red wave III down towards important support at 1,068.
Gold - Here too we needed a slightly new high as the bulls got excited, but there is nothing to be excited about just yet. I'm still looking for a more serious test of important support near 1,570. If this support holds bulls should get excited.
Crude Oil - Here too we saw a higher retracement, than expected, but it hasn't change the bigger picture calling for a break below 97 soon confirming a new test of support at 95 and a break here clearly confirms that we saw an important short term top (possibly also long term top) at 103.34. A break below 95 will call for a quick decline towards the 86 area.
Hello sir,
ReplyDeleteGreat analysis about Crude oil, as per your given resistance level hit today