EURCHF - Corrective bounce to come

EURCHF appears to have completed a massive A wave down covering around 900 pips. Current price action at it's lower channel support suggests that the pair is overstretched with a hammer candlestick forming on the current hourly bar. A modest 3 wave pull back in wave B should return prices at least to the 1.1360 region (4th of a lesser degree) but with potential to climb back to the highs around 1.1900.

S&P 500 Hourly Chart

The S&P is not confirming its current highs with a higher RSI. This usually signal an upcoming reversal.

NZDUSD Short Setup

The NZDUSD is currently offering an excellent risk reward setup if this is indeed a head and shoulders pattern as I suspect.

S&P 500 Short Term Chart

The recent bounce in the S&P 500 may be ending as it appears to be respecting its descending trendline which connects the lows of April 18th and June 16th. If my wave count is incorrect and price action breaks above the descending trendline, we can expect a sudden move to 1250.

Short AUDUSD

With the Australian dollar rebounding to the 61.8% retracement of it's impulsive decline from 1.10, a short position near current levels appears warranted. This level is given additional importance it coincides with the uptrend channel support which has now become resistance.

S&P 500 Mid Term Chart

The green line is a 55 period EMA which has shown a tendency to act a significant support and resistance; therefore, the path of least resistance should be lower.