EUR/USD - We could still see green wave iv rallying towards the 1.2362 - 1.2404 in a flat correction, but it is no demand and a break below support at 1.2231 will raise the odds for green wave iv already being over and green wave v down towards at least 1.2158 being under way.
EUR/JPY - Is declining nicely and blue wave v/ black wave iii is hoovering just above its ideal target-area. When blue wave v/ black wave iii is done we should expect a shallow but complex wave iv towards the 98.00 - 98.13 area before the leg leg lower in black wave v.
EUR/NZD - Here too we have decline nicely and is closing in on the ideal-target near 1.5245. However looking at the structure from 1.5487 the is a clear risk that light green wave v extends too, which will most likely cause a break below 1.5245. That said we should trade with the utmost caution here as we a in the absolute final part of the decline from 1.6969. A break above 1.5492 will be the first warning, that a bottom is in place and call for a rally towards 1.6244 - 1.6410 area.
Dow Jones Industrial Index - The decline from 12,961 does look impulsive in character, telling us that wave 3 down is under way. Remember that wave 3 normally is the most powerful and dynamic wave we should be aware of the risk of the bottom suddenly going out of this market.
My ideal target for wave 3 is close to 10,844.
Shanghai Composite - The stealth decline here continues and we should see the ideal target for green wave v at 2,118 tested. However a test of 2,118 will only Mark the bottom of red wave iii, which should be followed by a shallow red wave iv towards the 2,183 - 2,224 area before the next decline towards strong support near 2,074.
Gold - Here too the structure looks impulsive calling for a continuation down towards 1,550 as the first target. That said we still need a break below important support at 1,521 to really scare the bulls and drag out the bears form their caves.
Crude Oil - Odds here favor that wave iv ended at 88.98 calling for wave v down to 72.00. Short term we should now find resistance in the 84.87 - 85.05 area, which ideally will hold for a break below 84.12 confirming the next move lower. At no point should be break above 85.65 as that will force a change of the short term count and cloudy the short term picture.
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