Sunday, 13 September 2015

ASX 200 testing monthly chart trend line support, short term trend is down

Monthly chart shows the ASX 200 testing trend line support, and illustrates an aggressively bearish Elliott Wave count. Charts include all sessions trade.



Daily chart shows the market trending lower. The trend could weaken if we see a rally through nearby trend line resistance. Til then, favour further downside.



4 hour chart.


S&P 500 breaks big weekly chart support, trending toward 1700

Weekly chart shows the S&P 500 recently broke multiple trend line supports. The next lower trend line around 1700 should act as a magnet, unless the market manages a rally back above the nearby blue trend line. Charts include all sessions trade.



Daily chart shows a down trend pressured lower by nearby resistance lines.



Hourly chart shows two aggressively bearish Elliott Wave counts. While last week's high holds, there is no reason to consider less bearish alternates.



Gold rallying from weekly chart trend channel support?

Weekly chart shows that in late July Gold began a rally from trend channel support. Previous rallies from the nearby trend line have been good for 200, give or take. Why expect anything different this time?



Daily chart. A rally above the 40 day moving average could signal a resumption of the up trend from July's low.



4 hour chart shows the wave structure is bullish.


Silver holding above 2014 low, poised to rally?

Weekly chart. The current consolidation from the late 2014 low is brief compared to the periods of consolidation from lows in 2011 and 2013, a hint that Silver may not yet break down? In which case it will rally soon from nearby current levels.



Daily



AUD/USD beats daily chart trend line, still below trend lines on weekly and monthly

Monthly



Weekly



Daily. Big question mark over the purple projection, though after five waves down it's a typical expectation to see a rally back to the area of the fourth wave. If it eventuates we'd see the market break back above the monthly and weekly trend lines, perhaps indicating a huge bullish false break. Let's see.


EUR/USD monthly and weekly chart trends are down, testing daily chart resistance

Monthly



Weekly



Daily