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Cable Searching for a Top

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Jul 28 2010

Cable is still trading powerfully higher since the 1.5118 zone was reached, and has been one of the strongest currencies since then. As such, the recent decline from 1.5470 top was only a corrective A)-B)-C), zig-zag pattern, which means that impulsive structure is now underway, a blue wave (C) that may find the top very soon, somewhere around Fibonacci resistance region maybe?!

Gbp/Usd 4h chart:




Usd/Chf Lows in place?!

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Jul 29 2010

Usd/Chf moved nicely higher over the past few days, and is showing quite sharp structure from its lows, which could be a red wave 1), a first leg of some larger bullish move. As such, traders must be very careful and patient now as a corrective pull-back may be see in the near-term, shown as a red wave 2). Overall, bulls are now in play, as long as the 1.0393 lows are in place!

Usd/Chf 4h chart:




S&P 500 " Resistance at 1130-1140"

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Aug 03 2010

S&P 500 moved higher yesterday as expected, after the wave 4) found the support at 1088 region, which means that wave 5) is now in progress. New highs were already reached, so a top could actually be very near, but its too soon to call a turning point. Most likely we will see test of quite strong resistance region shown at 1130-1140 region, where top of a whole upward corrective wave II could be seen.

S&P 500 1h chart:




Gold: Temporary Low in Place

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Aug 04 2010 EDT

Gold reversed powerfully in the past week from 1156 region where a temporary low has been established. We believe that an impulsive decline from 1265 top is in place, labelled as a blue wave (1), followed by an upward bounce, which should be a corrective blue wave (2). Prices already moved above upper trend-line resistance, which now suggests for more bulls to come, but a corrective red wave B) should be seen, before even higher levels are reached.

Gold 4h chart:




Euro Intra-day review

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Aug 04 2010 14:50 EDT

Euro reversed from 1.3260 region, where top could have already been reached, as five sub-waves up in black wave 5 are shown. However, traders still need to be very patient with long dollar positions until we see five waves of decline from the highs on the intra-day basis. Current decline could be a correction!

Eur/Usd 1h chart:



Usd/Jpy: Bullish Reversal

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Aug 05 2010

Usd/Jpy reversed yesterday from 85.30 region, where it seems that a temporary low is now in place. The prices bounced exactly from the support line connected from 86.95 low, which in fact seems to be a lower line of an ending diagonal pattern. The wave structure suggests that prices are now headed higher, at least towards the upper resistance line.

Usd/Jpy 4h chart:




S&P: 1140 Is Still Possible

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Aug 09 2010

S&P 500 fell sharply lower on Friday, before the prices reversed in the second part of the Wall Street trade. As scuh, the bullish price action remains in play, as the prices are still trading well above 1088 support region. A wave count shows that an ending diagonal could be forming in blue wave (C) position, with a red wave 5) in process. If that is the case, then move into a new high should be seen, but not higher tnan 1147 region! Why?! Because wave 3) must not be the shortest wave of a five wave sequence. We can see that wave 3) is shorter than wave 1), so it must not be shorter than wave 5), for wave count to remains valid!! Resistance is shown around 1140 region!

S&P 1h chart:




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