USD-Index - I'm still looking for the next move higher towards resistance at 82.60. Longer term I looking for a move towards the Inverted S/H/S target near 87.50.Short term I would like to see upside momentum build as we are approaching 82.60.
EUR/USD - Here I'm looking for a move towards strong support at 125.45. If this support is clearly broken we should be looking at a much deeper decline towards the 118 area and possibly even below.But first be aware of support at 125.45 and consider taking some profit there and righting your stops.
USD/JPY - Not much to add here. We are still below the long term falling trend line. As long as we can't break above this trend line risk is for one more decline closer to 74.00. That said I still slightly favor, that an important bottom was seen at 75.50, but we need that break above 77.70 and more importantly 78.20 to confirm that the bottom is in place.
USD/CAD - I'm still looking for a break above the B-wave triangle resistance line near 102.85 soon, which will open up for a thrust towards the 117-118 area longer term. 
GBP/USD - Is in a slow break-down and support at 151.50 should tested soon. If this support breaks too we are looking at a much deeper decline longer term, which to take us down to the 142 area and ultimately below the end of wave [A] at 134.98.
AUD/USD - Hasn't done much lately, but I still expect, what looks like a triangle, but mostly isn't to break below support at 98.57 to confirm the next move lower towards 80.65 and even lower longer term. 
EUR/TRY - The decline after the break below the double top neckline at 240.50 is looking very promising. The double top target is found at 221.25, from where we should expect a rebound towards the 231.50 - 236 area.
VIX - We could very well have seen the ending diagonal ended withe the test of 20.05, however we still need a break above 23.75 to confirm the bottom and a return towards the 48 area longer term. 
Dow Jones Industrial - Seems like we have a top in place at 12.514, however we need a break below 12.294 and more importantly 12,140 to confirm the top for a new decline towards the neckline near 10,550 area longer term. 
Shanghai Composite - Halted right at the resistance suggested and the question now is whether this was just wave a or the end of wave 2? I slightly favor that it only was wave a and we now are working on wave b down to at least 2,196 and a clear break below here would call for a return to 2,130 area in a flat correction, before the last leg higher in wave c. 
CRB Index - Has meet strong overhead resistance near 317 and I would now be looking at a move towards support at in the 293 area. Longer term I'm still looking for a break below the strong support at 293 for a decline towards the ending of wave [A] and below.
Gold - Here too we have tested strong overhead resistance near 1,650 and we should now be ready to retest the neckline support near 1,520 and longer term I'll be looking for a break below that support for a continuation towards 1,489 and even 1,282.
Crude Oil - The picture is pretty much the same as everything else. Tested overhead resistance near 103.50 and everything points towards a top and a test of support at 92.50 soon for the next big decline.
USD/JPY - Not much to add here. We are still below the long term falling trend line. As long as we can't break above this trend line risk is for one more decline closer to 74.00. That said I still slightly favor, that an important bottom was seen at 75.50, but we need that break above 77.70 and more importantly 78.20 to confirm that the bottom is in place.
USD/CAD - I'm still looking for a break above the B-wave triangle resistance line near 102.85 soon, which will open up for a thrust towards the 117-118 area longer term. 
GBP/USD - Is in a slow break-down and support at 151.50 should tested soon. If this support breaks too we are looking at a much deeper decline longer term, which to take us down to the 142 area and ultimately below the end of wave [A] at 134.98.
AUD/USD - Hasn't done much lately, but I still expect, what looks like a triangle, but mostly isn't to break below support at 98.57 to confirm the next move lower towards 80.65 and even lower longer term. Only a break above 107.57 - 107.64 area will invalidate the downside for a new rally towards 110.80 first.
EUR/TRY - The decline after the break below the double top neckline at 240.50 is looking very promising. The double top target is found at 221.25, from where we should expect a rebound towards the 231.50 - 236 area.
VIX - We could very well have seen the ending diagonal ended withe the test of 20.05, however we still need a break above 23.75 to confirm the bottom and a return towards the 48 area longer term. 
Dow Jones Industrial - Seems like we have a top in place at 12.514, however we need a break below 12.294 and more importantly 12,140 to confirm the top for a new decline towards the neckline near 10,550 area longer term. 
Shanghai Composite - Halted right at the resistance suggested and the question now is whether this was just wave a or the end of wave 2? I slightly favor that it only was wave a and we now are working on wave b down to at least 2,196 and a clear break below here would call for a return to 2,130 area in a flat correction, before the last leg higher in wave c. 
CRB Index - Has meet strong overhead resistance near 317 and I would now be looking at a move towards support at in the 293 area. Longer term I'm still looking for a break below the strong support at 293 for a decline towards the ending of wave [A] and below.
Gold - Here too we have tested strong overhead resistance near 1,650 and we should now be ready to retest the neckline support near 1,520 and longer term I'll be looking for a break below that support for a continuation towards 1,489 and even 1,282.
Crude Oil - The picture is pretty much the same as everything else. Tested overhead resistance near 103.50 and everything points towards a top and a test of support at 92.50 soon for the next big decline.The Iran matter hasn't disappeared, but longer term I don't thing that really is something to take very seriously, but I might just be wrong on that point, which is why you will need a well defined stop on short positions in Crude oil.
WRONG ANALYSIS OF CRUDE/COPPER/GOLD/SHANGHAI/SNP/DOW/CRB INDEX.....GET A JOB DUDE
ReplyDelete