Monday, 11 August 2014

S&P 500's entire rally from 2009 low could be complete, move below 1888 would boost the odds

Daily chart shows Elliott Wave labels for the rally from early February, and the bullish and bearish possibilities for the near future. To see how this wave count fits in to the big picture, and to see how the entire rally from the 2009 low could be complete at July's peak, please review my post from July 23. Until the market breaks below late April's wave 1 high at 1888, wave 4 could still be forming, ahead of wave 5 to new highs.

Gold kissing goodbye to recent up trend channel?

Daily chart begs the question, has Gold kissed goodbye to its recent up trend channel, in preparation for a new move lower? The bearishly crossed moving averages indicate that the trend is down.

Weekly chart shows a cluster of nearby overhead trend line resistance and suggests that the trend is down at this timeframe also, until that resistance is beaten.

AUD/USD breaking lower through dual trend channel support

Daily chart shows AUD/USD breaking lower through dual trend channel support.

Weekly down trend channel suggests the current decline could be the start of something bigger, perhaps a move toward 0.85 in coming months.