Sunday, June 16, 2013

Currencies Update

Dollar Index at channel support. Likely paths for rally shown below. Also see contracting Weekly RSI range.



EUR/USD has multiple resistance lines just above. Good spot to fade.


Symmetrical triangle on GBP/USD. A break below wave D @ 1.4833 to confirm a decline along the projected path. 


EUR/GBP has the makings of a Double Zig-Zag which should decline to new lows (0.75). A decline below 0.8164 to confirm. The decline should remain contained within the declining channel.


USD/JPY resistance at 100-105 worked. Now looking for a possible Triangle wave 4. Wave 4 must not retrace past 87.36, otherwise the impulsive count is called into question.


The AUD/USD weakness projected last year has finally materialised. Oversold Weekly RSI suggests that this pair may get a respite for a month or two before resuming a decline.




Saturday, June 1, 2013

SPX Update 2013/06/01

A corrective wave-count below suggests that the SPX rally from Nov 2012 is over. A correction below 1470 before a new high will strongly suggest that the nature of the entire rally from 2009 is corrective. One way for the rally to terminate would be an Expanding Diagonal (ABCDE) as show below.