USD-Index - Is back testing is neckline support. I expect this support to hold. We should allow for a minor penetration, but in general it should hold for the next rally towards 80.50 for a move higher towards 82.50.Short term we should allow for a minor penetration of the neckline to the 78.80 - 79 area.
EUR/USD - Here I would look for a move back towards 132.05 back testing its neckline resistance, but the is no change in my overall view, which is down and a break below 130.60 will confirm the next serious decline has begun.
USD/JPY - Is holding just below trend line resistance near 78. We still need a clear break above this trend line resistance to confirm, that we saw an important bottom at 75.50.A clear break above the trend line resistance will open for a move towards neckline resistance near 79, but at the same time confirms a rally back towards the triangle apex at 115 longer term.
S&P 500 - Did indeed hold support at 1,200 (low was 1,202.37). Even though we broke above 1,231 to confirm a Santa Rally we will face resistance here at 1,242 again at 1,258 and only a break here confirms a move higher to just below 1,300.
Gold - Also enjoyed the risk on rally we saw yesterday, but we are not done with the downside just yet. We still need a decline towards the 1,535 area. We should find good resistance in the 1,628 - 1,634 area. Any break below 1,605 will confirm the minor correction finished and call for the next decline towards 1,535.
Copper - Is back testing the broken minor support line (now resistance). I still looking for a more serious test of the neckline support at in the 305 area. We might not break below in the first attempt, will most likely will at some later point.
Crude Oil - The correction from 92.54 broke above 97.36, which has altered the short term count slightly. The break above 97.36 tells us, that wave iii down has not yet begun, but that we are in a series of wave one's and two's.
S&P 500 - Did indeed hold support at 1,200 (low was 1,202.37). Even though we broke above 1,231 to confirm a Santa Rally we will face resistance here at 1,242 again at 1,258 and only a break here confirms a move higher to just below 1,300.
Gold - Also enjoyed the risk on rally we saw yesterday, but we are not done with the downside just yet. We still need a decline towards the 1,535 area. We should find good resistance in the 1,628 - 1,634 area. Any break below 1,605 will confirm the minor correction finished and call for the next decline towards 1,535.
Copper - Is back testing the broken minor support line (now resistance). I still looking for a more serious test of the neckline support at in the 305 area. We might not break below in the first attempt, will most likely will at some later point.
Crude Oil - The correction from 92.54 broke above 97.36, which has altered the short term count slightly. The break above 97.36 tells us, that wave iii down has not yet begun, but that we are in a series of wave one's and two's.We are facing strong overhead resistance near 98.70, which I do expect will protect the upside for a break below 96.65 and more importantly 94.15, that will confirm the next serious decline has begun.
h3llo sir,
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