Saturday, 12 December 2015

ASX 200 breaks lower from Head & Shoulders continuation pattern, initial target 4500

Daily chart shows the ASX 200 breaking lower from a Head and Shoulders continuation pattern. An initial measured target is around 4500. Chart includes after hours trade.



Monthly chart shows that the break lower keeps my Elliott Wave count and scenario on track, with the market targeting the lower parallel around 2700 within the next year. 2016 is shaping up for a decline similar to 2008's.


Gold forming Head & Shoulders bottom at trend line support

Daily chart shows that Gold may be forming a bullish inverse Head and Shoulders at trend line support. Gold must stay above 1060 to keep the H&S pattern alive. A rally through the neckline around 1090 would confirm the pattern and provide an initial target around 1130.



Weekly chart shows that the recent low coincides with the lower parallel of a four year old channel. A rally could eventually target the mid channel lines around 1250.


AUD/USD choppy, turned lower at big trend line resistance

Daily chart the AUD/USD recently chopping broadly sideways. The larger trend is down, so plan for this period of choppiness to be followed by a decline to fresh lows.



Weekly chart shows that the market has turned down from resistance at the lower parallel line. The current period of choppiness has perhaps already peaked



Monthly chart shows that the current choppiness coincides with the market battling to break through long term trend line support.


Hang Seng nearing test of key trend line support, 50%+ plunge on the cards

Daily chart shows the Hang Seng nearing a test of key trend line support. Includes after hours trade.



Weekly chart shows that a break of that daily chart trend line support, and then through 20000, would keep my long held Elliott Wave count on track.