Friday, 24 April 2015

ASX 200 rallying from trend line support? MACDH ticking up. Over 6000 likely soon.

Chart includes after hours trade.

S&P 500 breaks free of triangle, targeting 2140ish then 2180ish

Daily chart shows the S&P 500 has broken free of the recent triangle. Trend line resistance around 2140 is a target.

Weekly chart suggests that if the daily chart target is beaten, trend line resistance will be around 2180. I think that once this new rally is complete there is large potential for the entire bull run from the 2009 low to be complete, but that's a topic for another day.

EUR/USD daily chart upside break from trend channel + imminent bullish triple moving average cross

Tuesday, 21 April 2015

S&P 500 futures attempting upside break from triangle in European trade, targeting 2140ish

EUR/USD big picture wave count suggests to expect further rally from above March low

Weekly chart illustrates the EUR/USD big picture Elliott Wave count, which suggests to expect further rally from above March low.

With the big picture in mind, I am watching for short term signs of strength to indicate that further rally is likely. Zooming in to the 4 hour chart, an upside rally from the current down trend channel would be a start. Let's see.

Wednesday, 15 April 2015

ASX 200 forming a triangle? Or a flat correction? Either way should beat 6000 in coming days/weeks

On the weekend I posted a daily chart of the obvious triangle on the ASX 200, and judging by my twitter feed, many people are playing that scenario.

Of course markets are impossible to predict, and while the triangle is shaping up as a likely scenario, there are other viable alternatives. Today I've posted EW counts for the triangle and the flat correction scenarios. The market has other options, and there are other ways to count the flat, but the illustrated possibilities are the most likely, in my view.