Monday, 1 December 2014

ASX 200 sells off, weekly chart down trend kicking off, gathering pace

4 hour chart first, including after hours trade. On Friday I wrote "Given that the weekly chart trend is down and the daily chart trend is turning down, a break of trend line support at today's low could trigger some fierce selling".... Indeed.



Daily chart, trend turning down.



Weekly chart trend is down. So few words, simple idea, yet so important. Don't trade against the weekly trend.



Monthly chart Elliott Wave count and scenario, speculation for now but will firm up with every passing day that the weekly chart trend remains down.


S&P 500 testing trend line support at top of trend channel drawn from 2011 low

Daily chart shows the S&P futures today testing trend line support.



Weekly chart shows that the market is trading near the top of the trend channel drawn from the 2011 low. Importantly, this week's trade has already broken the low of last week's trade.


Hang Seng breaks trend line support, embarking on next leg of 60%+ decline?

Daily chart shows the Hang Seng breaking trend line support.



Weekly chart shows the Elliott Wave count and scenario that I favour. Right now there is no reason to doubt it. A break of trend line support on this chart is obviously needed in coming weeks and months to keep the scenario alive. Let's see.


Gold bottoming near support at trend channel drawn from 2011 high?

Weekly chart. Gold may have already bottomed at the trend channel test in early November.


AUD/USD testing support at trend channel drawn from 2011 high

Weekly chart.