EUR/USD - We still haven't seen any real wave three behavior, but it should just be a matter of time before the bottom falls out under EUR and a drop to strong support at 1.2625 is seen.
USD/JPY - It was judgement day yesterday and the break below 79.51 confirmed that we saw a complete five wave rally from 75.55 to 84.17 as wave 1, and that we currently is tracing out wave 2. Ideally wave 2 will end in the 78.33 - 78.85 area, but the way there will not be in a straight line, but then it never is so...
USD/JPY (hourly) - The decline from 80.54 is in its final part and we should see one more decline towards 79.10, but not below. The decline from 80.54 has become an ending diagonal and wave iii can not be the shortest, which is why 79.10 can not be broken. From close to 79.10 we should see a new X-wave towards 80.54 before that last part for the decline to the ideal target-are between 78.33 - 78.85 should be seen.
GBP/USD - The failure the maintain the break below 1.6120 yesterday is somewhat disappointing and opens two possibilities. One is that we are in an expanding flat correction from 1.6111 and we need one more rally towards 1.6243 before wave ii is over. The second possibility is that we are building a series of waves one's and two's setting the stages for a powerful move down in the wave three's. A break above 1.6169 will confirm the expanding flat scenario, while a break below 1.6100 will favor the one-two scenario.
VIX Index - We have now seen the test of resistance at 21.85 and we should expect a small pull-back from here, but then I'm looking for a break above 21.85 towards the next resistance near 26.86.
Dow Jones Industrial Index - The decline from 13,338 to 12,749 does look impulsive (in five waves), therefore we should only look for a three wave correction towards the 13,116 - 13,175 area from where the next decline below important support at 12.734 should be seen. A clear break below 12,734 will call for a continuation towards the 12,350 area and possibly even 12,234.
CRB Index - Is very close to break clearly below important support at 294. If this support is broken the bearish implications should be clear and call for a continuation down towards the 247 - 248 area. However we should expect the strong support at 294 to put up quite a fight, but winning? I don't think it's possible...
Gold - The target is locked on support at 1,521 and a break below here will most likely make the bulls surrender and open up the downside for a move towards 1,383 as the next target.
Dr. Copper - Has actually done quite well lately, but it doesn't take much more downside pressure to open up the downside for a decline towards strong support near 315 and a break below here will be very negative. But for now lets see if we can break below 359, which will open up for the 315 test.
Crude Oil - Should soon see support near 90 tested and a clear break below here will call for a continuation down to 75 as the next strong support.
Natural Gas - A top could be in place at 2.51 or we could be developing an ending diagonal, which will buy us some more time and a slightly higher high near 2.59 before a correction towards 2.30 and likely 2.17 - 2.18 sets in
Soybeans - In my last post (see here:
http://theelliottwavesufer.blogspot.com/2012/05/time-to-keep-close-eye-on-commodities.html) I said that an important long term top could be in place if we broke below 1,456 and we have done just that. I think support at 1,403 will protect the downside for a back-test of the important Support/Resistance level at 1,456, before the downside pressure takes over again and this time support at 1,403 will not be able to protect the downside and a much deeper decline should be seen.
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