Palladium risks drop to $485, needs above $775 to breakout

EUR/GBP breaks below uptrend-line

• A Double Zig-zag correction appears to be unfolding since the 2009 top. 
• Short EUR/GBP with a stop at 0.8769 targeting 0.75. 
• Additional confidence below 0.8164.

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.

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.

Silver at long-term channel support

• Last week opened with a "washout" low in the early hours that nearly dipped to $20.
• Price was neatly supported by the lower boundary of the longer term channel from 1999 - see longer term chart below. 
• Now with slight positive divergence on the Daily RSI there is the potential for a bounce into the high twenties, and maybe more if the descending blue channel is taken out.
• For now, a close above $23.85 would be supportive of this view.

Crude Oil getting ready to trend

Compressed Bollinger Bands indicate an imminent breakout from of the narrowing range. Support around $85 and resistance around $100.

NDX bull count update

Valid as long as we stay above 2412.52