The S&P 500, ASX 200, Nikkei, Hang Seng, EURO STOXX 50, and Nifty indexes are all at or near major corrective trend channel support. Charts in this post include all sessions trade.
The Elliott Waves for all their moves lower from the peaks of 2015 count best as corrections, corrections that are complete or very nearly so. There are viable bearish alternate counts that would gain stature if we see much further decline, but at this point I still believe these markets are close to bottoming, and in most cases will soon embark on rallies to above their 2015 peaks.
EURO STOXX 50
Nifty. The form of the decline is thing of beauty, almost brings tears to my eyes. Wonderful. Rally pending very soon, I believe.
Thursday, 11 February 2016
The current rallies by Gold and Silver likely have further to run in coming days, weeks, and possibly beyond, though both are approaching major trend line resistance.