EUR/USD - The price-action here is in no way convincing. The most bullish short term count I can come up with is, that the decline from 131.72 to 130.56 was a leading diagonal, but even that doesn't fit particularly well. Therefore I'm inclined to say that the correction from 129.93 isn't over and that we most likely will see a move beyond 131.45 and slightly beyond 131.72 towards 131.85 before the next downside pressure emerges.
Only a direct break below 131.00 will ease the upside pressure, but we need a break below 130.82 and more importantly 130.56 to confirm the leading diagonal and thereby bullish count.
USD/JPY - Has performed well and is now close to strong short term resistance near 81.85, which must be expected to protect the upside at the first try.
Short term a break above 81.56 will confirm the move higher towards 81.85, from where I expect a correction towards the 80.90 - 81.05 area.
Use the move towards 81.85 to take profit on longs and re-buy near 80.90 with a 80.25 stop.
GBP/USD - The price-action has not really been consistent with my count suggesting that the wave [B] triangle ended with the test of 166.18 on August 21 - 2011. The most recent price-action has shifted odds in favor of the triangle-building still being ongoing in wave E. The ideal target for wave E will be near 161.65 and a break above 160.62 will confirm a move towards 161.65 and possibly a slight overshoot before wave E is done and the triangle is finally done.
The short term aggressive trader will use a break above 160.62 buying GBP for the move higher towards 161.65 and take profit near there. Stops should be placed at 160.05. The Conservative trader will wait for the move higher towards 161.65 before considering selling GBP
Copper - The break below support at 370 should be of concern to the risk-takers. I do think Dr. Copper has sent us an important messages, that the Global economy is slowing and that it's time to avoid to much risk.
The technical picture could be calling for a back-test of the broken support, which will now act as resistance before a break below 358.80 re-news the downside pressure for a decline towards 325 and long term important support near 310.
Dow Jones Industrial Index - I still think that a possible S/H/S top-formation is building, but the right shoulder needs more time to build. The two shoulders does not need to be identical, but it will make the formation more reliable the more identical they are.
The all-important short term support is at 12,735 and a break below here will confirm a decline towards 12,300.
Shanghai Composite - I'm looking for a break below support at 2,333 to confirm the next serious downside pressure for a move close to 2,000, where strong support will be found.
As long as support at 2,333 is protecting the downside we must accept a move towards the 2,410 - 2,420 area before downside pressure takes over.
Crude Oil - Hasn't done much lately. We are locked in what looks like a bull-flag, but for that to be true support near 100 need to protect the downside for a break above 105.50 and more importantly 108.50 which will confirm a new rally higher towards 110.55 and 114.80.
A break below 100 will add considerably pressure to the downside for a move down to at least 95.45.
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