S&P 500 - Make it or break it!

It is "Make it or break it" time for the S&P 500 A move below "key" support at 1,065.87 will leave me with no other choice than to adopted the alternate count shown below. But if support at 1,065.87 holds, then I'll keep my count above a expect a rally higher over the next few days towards the 1,130 and possible 1,150 area.

As said if key support at 1,065.87 breaks then the Top Alternate Count below becomes the favored count calling for wave III of III down. If that happens we should see a decline to at least 971, but more likely the 889 area.

NYSE Summation Index - Major sell signal

Take a look at this indicator. It turned bullish in April 2009 and have stay bullish during all of the rally since April 2009. But as can be seen in close-up below it crossed and went bearish on May 26 for the first since early April 2009.

I do think that this is a major sell signal and the bulls should be very careful in the future.

EUR/GBP - Possible Fractals

As I took a fresch look at my EUR/GBP chart I spottet this possible fractals. The current correction is the "Child" to the much larger "mother" streching 4 years from 2003 to 2007.

If they are Fractals then we should be very close to a bottom calling for a new powerfull rally soon. If that picture is correct, then the financial markets will soon spot that UK has almost as big a debth as Greece

Shanghai Composite - At cross roads

The Shanghai Composite is currently at a very important cross road. If the decline from the August 2209 high at 3,478.01 was a A-B-C correction, then wave A and C has reached equalty at 2,525.50. If it was a A-B-C correction then support in the 2,481.97 - 2,525.50 should not be broken to the downside. If however support at 2,481.97 is broken, then the A-B-C correction count should be dismissed and a much more bearish count will be favored.

My favorit count is the much more bearish count, but be flexible.

AUD/USD - Wave III down is under way

Wave II ended at 85.51 and wave III is now under way. The long term picture still call for an ultimate break below the 2008 low at 60.04.

We are currely seeing accelleration in wave iii of 3 of 1 of III down (sorry for the complex count)

I'm looking for a decline to at least 82.09 and possibly even 80.83 before we see a more decent correction, but for now stay with the USD.

S&P 500 - Back after the holiday

We should still see more upside or at least the correction should use up more time. The key point right now is 1,065.87 if we break below the key point we will most likly see some kind of flat correction, but as long as key support at 1,065.87 is not broken I favor that wave c up will rally higher closer to my target area.

EUR/USD - The correction is clearly over

I have had to change my count slightly. You know I had some problem labeling the decline from 123.88 to 121.50, the decline below 121.50 makes a expanding flat the best count and the current decline part of wave 5 down. We are currently in the middle of wave (iii) of iii of 5. Wave (iii) should fall to 120.55.

I'm still looking for a move closer to 116 and possibly even closer to 114.43 before a new correction higher. Just remember that the long term pictur is very bearish calling for a move below par.