USDJPY short term wave count

USDJPY appears to be completing a Green 2nd Wave correction and therefore should rally strongly off this test of 76.38 lows assuming that support remains in tact. We will know soon enough!

EURAUD Wave 2 Decline?

EURAUD Appears to have completed a five wave sequence from the lows set early this week. I expect a 40 to 60 percent retracement to unfold, but remember to keep stops tight as the next move should take prices far above current levels. Here is the link to longer term EURAUD to put this price action in perspective.

NZDUSD Short Term Bearish

NZDUSD Appears to be finishing a 4th Wave Correction. The fifth wave should beyond the end of Wave 3 and coincide with new lows in the S&P 500.

USDJPY looking bullish

With the USDJPY approaching significant trendline resistance as well as moving average support, I support establishing long positions near current levels. The Yen is the strongest of the majors against the dollar recently, and I believe that it will shortly play catch up to the rest of the world by depreciating vs the dollar.

EURAUD Ready to Bounce?

EURAUD appears to be completing a massive corrective wave after the initial thrust upward. It may still have slightly lower to go but should not exceed the origin of wave 1 at 1.2927. If this level holds we should see a Wave 3 Green take prices well above the highs at 1.4250. Very good risk to potential reward.

S&P 500 Mid Term Chart Update

After being rejected again by the 55 day moving average the S&P 500 appears to be set for an extended fifth to complete Wave 1 Green down. I will try to stay ahead of the market and give an update before a sharp short covering rally takes place in Wave 2 Green up.

EURUSD Approaching Major Trendline Support



With the Euro approaching the bottom of its trendline since the beginning of the year, there is a real possibility of a major 3rd of a 3rd breakout to the downside for the EURUSD.