EUR/USD - My preferred count is that we saw minor blue wave 2 end at 1.3283 and the more powerful blue wave iii down have begun.
I expect support at 1.2993 to be tested soon on the way down towards more important long term support near 1.2625.
Resistance is now found at 1.3177 and 1.3203.
USD/JPY - We saw an almost perfect correction towards support at 80.00 (the low was 80.03). I'm now looking for a break above 80.37 and more importantly 80.60 to confirm that the next rally towards 81.00 and more likely 81.60 has begun.
The risk is that a more complex correction is unfolding, but that should still take up to 80.60 before one final decline to just below 80.03 sets in, but that's not the preferred count at this point.
GBP/USD - The odds favors that wave E of the large triangle ended at 1.6301 and that a downside thrust out of the triangle has begun. This view will be enforced if we see a break below support at 1.6107. Remember that we might be in the very early stages of a major decline to below 1.35 longer term so some hesitation should be expected in the beginning.
Short term resistance is found at 1.6209 and at 1.6247.
USD/CAD - Needed a detour to 0.9902, but that doesn't change the bigger picture that we need one last decline towards the 0.9720 - 0.9770 area before the entire correction from 1.0657 is over.
Only an unexpected break above 0.9922 will change the bigger picture an tell us that a bottom is already in place at 0.9796.
EUR/JPY - My preferred count still sees the correction from 111.43 ending at 104.63 and that we have seen a minor wave i up to 108.00 a minor wave ii down to just below the 76.4 correction-target of minor wave i at 105.40 (the low has been 105.11). We now need a break above 106.54 to add confidence to this count and a rally towards 108.51 and 110.60 as the next upside targets.
EUR/TRY - You know one of my preferred crosses, has clearly broken below the minor support-line from 2.2849 and I'm now looking for a break below support at 2.2849 for a continuation towards the Double-top target near 2.2125.
Also remember that TRY is my preferred choice if you wants to short (sell) AUD; NZD or CAD. I will make an update on this crosses later in the week.
Dow Jones Industrial - The possible S/H/S top-formation was blown when we crossed above 13,131 and the alternate count became the preferred count, that we need one more new high before the rally from 11,231 was over. We have now made this new high with the test of 13,338, but as long as the support-line from 11,231 near 12,970 isn't broken clearly (a close below) we could see a continuation higher towards the wedge resistance-line near 13,600.
Gold - It was a big disappointment that the break above the minor support-line from 1,713.80 wasn't sustained and it clearly tells us that the bull's not have the upper hand right now and at the same time raises the odds/risk for a break below support at 1,620 and more importantly 1,611.88, which will target support in the 1,522 - 1,534 area. A clear break below that support-area will be very bearish and call for a much deeper decline.
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