Wednesday, 12 August 2015

ASX 200 slices lower through weekly chart trend lines, big decline beginning, but testing short term support

Weekly chart shows the ASX 200 slicing through trend line support.

Monthly chart illustrates my view of the most likely Elliott Wave count and scenario going forward.

Daily chart shows the market testing short term trend channel support, so a rally here would not surprise, especially given that the S&P 500 has yet to break down and could produce another rally itself, perhaps even to another record high (!) .... That said, I would be surprised if any rally by the ASX 200 changes the bearish big picture. Let's see.

Gold rallies through trend line resistance, targeting $1250+ in coming months?

Daily chart shows Gold rallying through trend line resistance.

Weekly chart shows that previous rallies from the nearby channel line have carried all the way to the mid-channel lines, suggesting that $1250 or higher is a reasonable target for coming months.

S&P 500 futures testing key (KEY!) trend line support, drawn from Feb and July lows