Tuesday, 22 September 2015

ASX 200 brutalised in after hours trade, approaching 5000 and short term trend line support

Monthly chart shows the ASX 200 pushing lower through trend line support, and illustrates the aggressively bearish Elliott Wave count that I think best fits market action. Charts include all sessions trade, with the market currently down around 1.4% from Tuesday's ASX close.

Weekly chart zooms in to better show the market pushing lower through trend line support.

Daily chart shows the market approaching another test of short term support around 5000. A break of that support should see the market put the bigger picture trend line well and truly in the rear view mirror.

S&P 500 futures sharply lower through trend line support

Weekly chart shows the S&P 500 has recently broken 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. Futures are currently pointing to a Tuesday cash market open around 1946, 1% down from the Monday cash market close.

Daily chart shows the futures market is today sharply lower through trend line support.

EUR/USD keep eyes on big picture target of 0.80 as trend line support breaks

Monthly chart shows EUR/USD trending lower from a giant multi year Head and Shoulders top. A measured target calculated by projecting a move lower from the neckline by the height of the Head is around 0.80.

Daily chart shows the market has broken below short term trend line support. A break below the larger channel would raise the odds that EUR/USD has begun the next big leg toward the eventual target.