Monday, 4 January 2016

ASX 200 turning lower at resistance? Ahead of decline below 3000 in 2016

Daily chart shows the ASX 200 turning lower at resistance. Too early to be absolutely certain so let's end with a ?

Monthly chart shows my long held Elliott Wave count for this market and a likely scenario for 2016.

S&P 500 distributing at top of 25 year old trend channel

Monthly chart shows the S&P 500 in a distribution phase at the top of a 25 year old trend channel, ahead of a likely decline.

Weekly chart illustrates further nearby resistance. So long as the late 2015 highs are not beaten, the post-distribution decline is underway.

Gold weekly chart at trend channel support (the crossroads)

For some time now I have been calling for Gold to rally from trend channel support toward the mid channel line. The longer Gold remains stuck around the support line, the more likely it will break support and cascade lower. A rally over 1090 would raise the odds for the bullish scenario. Let's see.

Hang Seng approaching key support, break will begin next leg of 50%+ decline

Daily chart shows the Hang Seng nearing a test of short term support.

Weekly chart shows my long held Elliott Wave count and view of the Hang Seng's likely path in 2016.

Nikkei turns lower after bearish wedge in to resistance

Daily chart shows Nikkei has turned lower from the recent bearish wedge formed in to resistance.

Monthly chart shows my view of the big picture.

EURO STOXX 50 monthly chart shows bearish false upside break, headed lower