Saturday, 20 June 2015

ASX 200 trending down. Accelerated, extended, relentless decline directly ahead?

Daily chart shows the ASX 200 trending down.



Weekly chart shows that the down trend is testing key longer term trend line support.



Zooming in next to the 4 hour chart. The Elliott Wave count suggests that an accelerated, extended, relentless decline is directly ahead, a third of a third. There are bullish alternatives, but while the market remains so far below the peak of purple wave 2, I favour this count. A move below the June low will break the weekly chart support illustrated above.




S&P 500, NASDAQ 100 show bearish false breaks, Dow wave structure says lower levels directly ahead

S&P 500 daily chart shows a bearish false break.



NASDAQ 100 also shows a bearish false break.



Zooming in on the Dow next, showing the Elliott Wave count from the May all time high. Five waves down and three waves up tells us to expect another five waves down.



Zooming back out now to the Dow weekly, shows that the fresh lows suggested by the above wave count would see the Dow break trend line support.


Hang Seng lower from Head and Shoulders top, likely beginning 60%+ decline

Daily chart shows the Hang Seng has moved lower from a Head and Shoulders top.



Weekly chart shows the most likely Elliott Wave count and the implied scenario, a 60%+ decline.


EURO STOXX 50 trending down and testing key support

Daily chart shows the EURO STOXX 50 index trending down.



Monthly chart shows the market is testing key support. A return to the upwards corrective trend channel would warn of a bearish false break. The corrective nature of the trend channel implies that the market will venture below the 2009 low. Maybe not so much venture as plummet.



Gold testing short term trend channel resistance, weekly chart trend remains down

Daily chart shows Gold testing short term trend channel resistance.



Weekly chart trend remains down.


Silver stuck between daily chart trend lines, weekly chart trend remains down

Daily chart shows Silver stuck between two trend lines.



Weekly chart trend is down.



AUD/USD lower from mid channel resistance and 40 day moving average


EUR/USD testing trend line support