Saturday, 1 August 2015

ASX 200 testing key resistance

Daily chart shows the ASX 200 testing key resistance. All charts include all sessions trade.

Weekly chart shows a complete 5 wave rally from the 2011 low. It would be surprising if the correction of that completed rally was done with so quickly. Though of course while the market remains above trend line support, as a blogger I will respect its right to make a goose of me, and as a trader I will respect the trend at the time frames I am trading.

Bonus hourly chart, not a time frame I often post on the blog, but the market seems to think these lines are important, so keep an eye on them.

S&P 500 still in grinding up trend channel, lots of nearby short and long term trend line resistance

Daily chart shows the S&P 500 remains in the grinding up trend channel that began late last year. There is lots of short term trend line resistance overhead.

Monthly chart shows that the market is also testing long term parallel trend line resistance. A move below July's low would return the market to the channel formed from the 2009 low, and likely indicate that an important top had been made.

Gold beginning to rally from support at trend channel drawn from 2011 peak?

Weekly chart shows Gold testing support at the trend channel drawn from the 2011 peak, suggesting a low is in or close

Hourly chart supports the view that a low is in, showing an impulsive 5 waves higher, defining the trend as up, followed by a 3 wave correction, and then what looks like the beginnings of another 5 waves higher. The 3 wave correction morphed as the past week progressed, but never lost its corrective form.

Silver testing multiple trend line supports, rally would not surprise


Weekly chart illustrates why I say a rally would not surprise. Since the peak in 2011, significant support levels have not broken til 18 months or so after their initial test. Silver is only half that time from initially testing the 1450 zone.

AUD/USD trending down but both near and at trend line support

Daily chart shopws AUD/USD continuing to trend down.

Weekly shows the market testing trend line support.

Monthly shows the market nearing trend line support.

EUR/USD still respecting 15 month old parallel trend lines

Daily chart shows that since mid-May EUR/USD has repeatedly turned lower at parallel trend line resistance, apart from briefly venturing above the nearby line in late June. Other than that I have nothing to offer on this market at this time frame. It's choppy and trendless. I am also not confident on the bigger picture....

Weekly chart zooms out and illustrates a bullish Elliott Wave count but...

Monthly chart calls the bullish count in to question, as the price pattern could be interpreted as a giant Head and Shoulders top.