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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:

Dollar Index: Low In Place?!


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Aug 10 2010

An upward structure from the lows is sharp and can be counted as a five wave move; impulsive structure, which should be part of some larger bullish price action. More strenght to come, while the 80.08 low is in place. If the short corrective pull-back appears in the near-term, then look for supports around 80.70 region!

Dollar Index 30min chart:

Eur/Usd: Lower Levels To Come


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Aug 11 2010

Euro moved lower in this week and finally broke through the red support line, which suggests that top is in place. Technically, the pair should now be headed lower, where an impulsive decline could be seen, with moves well below 1.3000 region. MACD is showing a double bearish divergence, which definitely confirms a bearish expectations. More weakness to come!

Eur/usd 4h chart:

OIL: It’s Only A Pull-back!


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Aug 13 2010

Oil reached 75.50-76.00 region, mentioned yesterday, where a recent swing point appeared. It seems that a red wave 3) has finished and that corrective wave 4) is in process, which may reach 78.00 region, before, a down-trend resumes. Bias remains bearish as long as the prices trades below 80, wave 1) low.

Oil 4h chart:

Aud/Usd: Weakness to come


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Aug 23 2010

In the recent price action we saw an upward pull-back on Aud/Usd from 0.8860 to 0.9077, which was only a corrective move; red wave 2) in our case. Technically, more weakness is expected on Aussie (daily chart-members only), which means that wave 3) could be seen in the very very near future. Third waves are usually the most powerful waves and sharp waves, so any hard sell-off on the pair should not be a surprise, while the prices trade below 0.9077 resistance region.

Aud/Usd 4h chart:

Usd/Jpy An Impulsive Decline


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Aug 25 2010

Usd/Jpy moved significantly lower yesterday as expected, after the prices broke through the lower side of a triangle pattern. Target around 84.00 mentioned yesterday was reached, in fact prices moved even 40 pips lower, before pair found the support. Wave 5) low could already be in place, or at least very near, if you take a look on alternative wave count (ALT on the chart). We all know what follows once a five wave move completes; a change in trend, at least temporary.

Usd/Jpy 4h chart:

Eur/Usd Pull-back


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Aug 27 2010

Euro slowed down as the sharp decline from the highs found a temporary support at 1.2587 zone. We can count clear five waves down from the highs, which confirms a temporary change in larger trend. However, upward pull-back all the way towards the 1.2900-1.3060 zone could be seen in a red wave 2)/B), before down-trend resumes, You also need to keep in mind that wave 2)/B) usually reverses in the area of a fourth wave, of a smaller degree; that would be in a triangle pattern on our chart, around 1.2800 level.

Eur/Usd 4h chart:

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