EUR/USD - We finally saw the next impulsive move to the downside yesterday. We should now be headed for support in the 125.45 - 126.45 area. We will find very strong support in this area, but if it breaks we should be looking for much lower levels longer term.
USD/CAD - Most likely ended its triangle "X" wave yesterday and we should soon test resistance at 104.25 and more importantly neckline resistance near 106.25. Should 106.25 be broken, look for a rally towards the 117 - 118 area.My triangle count seems to be the best count for now, but it could as easily be a series of one's and two's, but for now lets stay with the triangle count as the outcome in the short to medium term will be the same - A rally towards the 117 - 118 area.
EUR/CAD - Is clearly breaking down from its six months corrective pattern, which calls for a decline to below 124.75. The broken former support line, now resistance, near 133.20 should hold, but we must accept a small penetration to the 133.60 - 133.90 area before the next serious decline.
S&P 500 - The clear break back below 1,256 has invalidated the inverted S/H/S, so bye bye to the possible 1,360 S/H/S target. That means we still could see 1,292 and 1,299 tested as long as we don't break below 1,242.85 and more importantly 1,229.50. A break below the later confirms that we have seen a top and support at 1,202 is under fire again.
Shanghai Composite - Is in the later part of an ending diagonal. We need one more decline towards 2,110. If my ending diagonal count is correct we can't go below 2,098 as that would invalidate this count.
EUR/CAD - Is clearly breaking down from its six months corrective pattern, which calls for a decline to below 124.75. The broken former support line, now resistance, near 133.20 should hold, but we must accept a small penetration to the 133.60 - 133.90 area before the next serious decline.
S&P 500 - The clear break back below 1,256 has invalidated the inverted S/H/S, so bye bye to the possible 1,360 S/H/S target. That means we still could see 1,292 and 1,299 tested as long as we don't break below 1,242.85 and more importantly 1,229.50. A break below the later confirms that we have seen a top and support at 1,202 is under fire again.
Shanghai Composite - Is in the later part of an ending diagonal. We need one more decline towards 2,110. If my ending diagonal count is correct we can't go below 2,098 as that would invalidate this count.After the test of 2,110 I would look for a move back towards the 2,330 - 2,340 area. from where the next decline towards 1,800 should begin.
10Y Italian Bond Yield - Even after a successful six month bond auction yesterday the 10Y yield stayed above 7%. A break above 7.3% will open up for a move towards 8.25 - 8.45%.
10Y Italian Bond Yield - Even after a successful six month bond auction yesterday the 10Y yield stayed above 7%. A break above 7.3% will open up for a move towards 8.25 - 8.45%. I do think it's just a question of time before the break above 7.3%
Gold - Is clearly on its way to the support-area between 1,528 - 1,535, which most likely would cause a corrective move back towards 1,636 area, but longer term the downside is now open for a move towards the 1,284 area (see the long term chart below)
Crude Oil - The failure break above the resistance line was confirmed by the break below 100.30 and we should now be looking for a break below 99.15 to confirm the next decline towards 96.09 and lower.
Gold - Is clearly on its way to the support-area between 1,528 - 1,535, which most likely would cause a corrective move back towards 1,636 area, but longer term the downside is now open for a move towards the 1,284 area (see the long term chart below)
Crude Oil - The failure break above the resistance line was confirmed by the break below 100.30 and we should now be looking for a break below 99.15 to confirm the next decline towards 96.09 and lower.
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