USD Index & EUR/USD - Looking at the USD-Index we can see that it has already broken above it's minor resistance-line, which does call for a continuation towards the next resistance at 80.12 and 81.50 (neck-line resistance later on).EUR/USD to the contrary hasn't broken below its minor support-line near 131.50 yet, but expect we will see a break for a continuation lower towards at least 131.16 and more possible 130.38, from where we should see a new correction higher towards the 132.40 - 132.65 area and maybe even 133.15 before the next pressure to the downside is seen.
USD/CAD - We have seen a new low in wave 5 down at 98.38, but the following break back above the bottom of wave 3 tells us, that the entire sequence since 100.00 is over and we should soon see a break above 100.50 (the light green falling channel) followed by a break above 100.50 to confirm the bottom and a rally higher towards the 106 area.
AUD/USD - In my eyes have given the first confirmation, that the top is in place with the 108.56 test and we should soon see a more powerful decline towards support near 103.78 and a break below here will confirm a new push towards support in the 94 - 96.50 area. Longer term I'm still looking for much lower levels.
NZD/USD - Is leading the way down. Here we already has broken below support at 82.60 and is on our way down to the next support in the 78.80 - 79.10 area. Here too I'm looking for much lower levels longer term.
Dow Jones Industrial - We still haven't got the final confirmation, that we might have seen a top at 13,055. I do expect we will have the confirmation soon by holding resistance at 12,997 and followed by a break below 12,884 and of cause more importantly a break below 12,753. That should do the trick and send us much lower towards 11,735.
Shanghai Composite - Has broken below the channel-support at 2,421 and should now be headed much lower in wave 3. I do think that the correction from 2,132 to 2,478 is enough to correct the entire wave 1, but we will have to examen the wave structure carefully to determine if we have started wave 3 down or we are just in wave B of 2.
USD/CAD - We have seen a new low in wave 5 down at 98.38, but the following break back above the bottom of wave 3 tells us, that the entire sequence since 100.00 is over and we should soon see a break above 100.50 (the light green falling channel) followed by a break above 100.50 to confirm the bottom and a rally higher towards the 106 area.
AUD/USD - In my eyes have given the first confirmation, that the top is in place with the 108.56 test and we should soon see a more powerful decline towards support near 103.78 and a break below here will confirm a new push towards support in the 94 - 96.50 area. Longer term I'm still looking for much lower levels.
NZD/USD - Is leading the way down. Here we already has broken below support at 82.60 and is on our way down to the next support in the 78.80 - 79.10 area. Here too I'm looking for much lower levels longer term.
Dow Jones Industrial - We still haven't got the final confirmation, that we might have seen a top at 13,055. I do expect we will have the confirmation soon by holding resistance at 12,997 and followed by a break below 12,884 and of cause more importantly a break below 12,753. That should do the trick and send us much lower towards 11,735.
Shanghai Composite - Has broken below the channel-support at 2,421 and should now be headed much lower in wave 3. I do think that the correction from 2,132 to 2,478 is enough to correct the entire wave 1, but we will have to examen the wave structure carefully to determine if we have started wave 3 down or we are just in wave B of 2.The first target is 2,295.
Natural Gas - The failure to break above the minor channel-support line leave me with no choice, than to count the consolidation since the 2,23 low as a wave 4 triangle and we now have begun the thrust down in wave 5, which I would expect will just break below 2,23 by a small margin and then turn up again. This time much more powerful.
Copper - It might be time to look at Dr. Copper again for clues. A break below support at 370 should call for a new decline towards the S/H/S neckline near 310 and longer term a much deeper decline.
Gold - The big question still is whether we are building a second right shoulder in the Inverse S/H/S or we will see a break below 1,600 and more importantly 1,521 calling for a much deeper decline.
Natural Gas - The failure to break above the minor channel-support line leave me with no choice, than to count the consolidation since the 2,23 low as a wave 4 triangle and we now have begun the thrust down in wave 5, which I would expect will just break below 2,23 by a small margin and then turn up again. This time much more powerful.
Copper - It might be time to look at Dr. Copper again for clues. A break below support at 370 should call for a new decline towards the S/H/S neckline near 310 and longer term a much deeper decline.
Gold - The big question still is whether we are building a second right shoulder in the Inverse S/H/S or we will see a break below 1,600 and more importantly 1,521 calling for a much deeper decline.As long as support at 1,600 isn't broken I will give the higher odds to the second shoulder building.
Silver - The failure to break above the resistance-line at 36.70 has risen the odds that wave "B" is over. A break below 32.60 will confirm that a call for a new decline towards 26 and possibly even down to the 19 - 21 area.
Silver - The failure to break above the resistance-line at 36.70 has risen the odds that wave "B" is over. A break below 32.60 will confirm that a call for a new decline towards 26 and possibly even down to the 19 - 21 area.
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