Sunday, 20 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 the aggressively bearish Elliott Wave count that I think best fits market action. Charts include all sessions trade.



Weekly. The market closed the week on the trend line drawn from the 2009 low.



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.


S&P 500 testing short term trend line support. Dow and NASDAQ 100 also

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 S&P 500, testing short term trend line support.



Daily chart Dow Jones Industrial Average, testing short term trend line support.



Daily chart NASDAQ 100, testing short term trend line support.


Gold beginning next leg higher, targeting 1250+ in coming months

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


Silver weekly and daily charts, rallies through short term trend line resistance

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? Indeed it seems a rally is beginning.



Daily


AUD/USD rallying from long term trend line supports? Big low in?

Monthly chart. Rallying from trend line support? Too early to be sure. Monthly close will be the key.



Weekly. Bullish false break completed?



Daily. Previous fourth wave is a common initial target for a market move following a completed five wave sequence.


EUR/USD monthly, weekly, daily charts

Monthly



Weekly



Daily