EUR/USD - We saw the test closer to resistance at 133.00 and "only" needs a break below 131.80 to confirm, that wave 2 is done and wave 3 down has begun. As long as support at 131.80 holds risk is a break above 133.21, which will tell us that wave 2 isn't finished yet and calls for a continuation closer towards 134.50.I still think the most likely call is, that wave is done near 133.00 and a break below 131.80 will be seen soon. Therefore I will try shorting EUR and buy USD here with a 133.30 stop.
AUD/USD - Has made a small S/H/S top, which also adds confidence in my call for a top in the USD soon. Remember, that GBP/USD also looks very toppish and USD/CAD will confirm the break below 99.26 as a failure-break if it breaks above 99.85. All evidence that points towards a bottom in the USD soon.I do think the break below the S/H/S-neckline represents a good shorting opportunity in AUD against USD, but even better against TRY (See my post from yesterday here: http://theelliottwavesufer.blogspot.com/2012/02/elliott-wave-and-technical-analysis-on_21.html)
Dow Jones Industrial - Tested just above 13,000 yesterday. The question now is was this the final top or do we need to see new highs? As long as support at 12,875 and more importantly 12,810 stays intact we could see a higher high, but with my upper target near 13,000 hit I would not bet on higher highs.
Dow Jones Industrial - Tested just above 13,000 yesterday. The question now is was this the final top or do we need to see new highs? As long as support at 12,875 and more importantly 12,810 stays intact we could see a higher high, but with my upper target near 13,000 hit I would not bet on higher highs. I must admit, that the rise since the 11,735 low has been relentless, but the trees doesn't grow into the skies and that goes for DJI too.
Shanghai Composite - Is at or very near to strong resistance and the upside potential should be very limited from here. However we need to see a break below 2,362 to confirm, that the rise since 2,132 is over and a new decline towards this low.
Crude oil - Has now broken both the Inverted S/H/S bottom and the resistance-line from the mid-2008 high, which does call for a continuation higher towards 114.83 and possibly 131.60, which marks the S/H/S-target.
Shanghai Composite - Is at or very near to strong resistance and the upside potential should be very limited from here. However we need to see a break below 2,362 to confirm, that the rise since 2,132 is over and a new decline towards this low.
Crude oil - Has now broken both the Inverted S/H/S bottom and the resistance-line from the mid-2008 high, which does call for a continuation higher towards 114.83 and possibly 131.60, which marks the S/H/S-target.The former neckline resistance at 103.44 now acts as support.
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