Sunday, 1 November 2015

ASX 200 lower from resistance, next leg lower beginning?

Monthly chart first, all sessions. No reason yet to question this Elliott Wave count, indeed I suspect the market is just beginning a 3rd wave lower, similar to the one in 2008.



Daily chart zooms waaay in, and shows that last week the market turned lower from near horizontal resistance, at a classic EW stopping point near the 4th wave of the previous 5 wave sequence (waves not labelled but they should be clear enough to anyone who cares). Does the market have the strength to rally and test the down trend line? Let's see. If not, then favour a big 3rd wave lower is beginning now, as discussed above.





S&P 500 testing trend line resistance on monthly, weekly, daily & support on 4 hour

The S&P 500 last week tested multiple trend line resistances and ended 20 or so points off the weekly high, testing short term support. It seems reasonable to look for a top here, firstly on a break of trend line support (see 4 hour chart, 4th chart below), and more confidently on a break of last week's low, which more or less coincides with the 200 day moving average (not shown on my charts but you've gotta know where it is).

Monthly chart all sessions.



Weekly chart all sessions.



Daily chart cash market



4 hour chart all sessions. Testing trend channel support.



Hang Seng turns down from trend line resistance. Beginning next big leg lower?

Weekly chart shows my long held EW count for the Hang Seng, which last week turned down from the lower trend line of the channel illustrated in blue.



Daily chart zooms in to better illustrate both the blue trend channel from the weekly chart, and the turn lower.


Gold lower from resistance at weekly chart down trend line

Weekly chart shows Gold turned lower from trend line resistance.



Daily chart, shows a different shorter term down trend line below the market.



Silver lower from weekly chart trend line resistance

Weekly chart shows Silver last week turned lower from trend line resistance.



Daily


AUD/USD closes October below 14 year old up trend line, favour further downside

Monthly chart shows AUD/USD closed October below 14 year old up trend line.



Weekly chart shows the market is pressured lower by multiple nearby down trend lines. While they remain unchallenged, we must favour further downside.



Daily


EUR/USD long term target 0.80, testing key support to open door for next big leg lower

Monthly chart H & S top measured target is around 0.80.



Weekly chart testing parallel trend line support. Don't rule out EUR/USD rallying for months before beginning its next leg lower. Right now, last week's low is key support.



Daily chart supports the view that last weeks low is key.