AUDUSD A Wave nearly complete

AUDUSD appears ready to decline after advancing 5 waves and nearing significant resistance at its 144 hour moving average.

AUDUSD rally before Wave 3 of 3 of 3 decline!

AUDUSD appears set to rally once more, perhaps close to parity before a large scale decline unfolds in a Wave 3 of 3 of 3. This coming decline is the move I am hoping to catch, so make sure you are not caught off gaurd (ie. use tight stops) if you decide to play this small Wave 2 bounce.

S&P 500 ready to rally?

The S&P 500 appears set for a large rally which could potentially take us to new highs above 1220. Looking back at the price action since the August 9th low, it looks extremely corrective. Therefore I do not believe we are in the midst of a 3rd of 3rd Wave just yet. The selling does not appear forceful enough. Currently, Wave C Green (the end of Wave B Red) is not confirming the new RSI lows below Wave A Green on a 2 hour time frame. However, if we break the August 9th lows, fresh selling pressure would be injected giving the 3rd of a 3rd look. There is a way to count price action in this manner; however, wave 1 and 4 overlap requiring it to be labeled as a leading diagonal. I only label in this manner as a last resort, but it is a possibility. I believe we will have final week or so of a strong rally to knock out the weak shorts, followed by a severe decline around October 10th.

EURUSD Still appears corrective

EURUSD appears to have only completed an A Wave and should find support at the decending trendline just below current prices.

USDJPY Breakout

The USDJPY appears to be breaking out of a multimonth bottoming period which should see the Yen depreciate signifantly in the next several weeks and months. This will leave the US dollar as the only safe haven further accelerating the dollar's ascent.

Update on EURUSD Long

With the EURUSD recent breakthrough of trendline resistance, there is very little in the way of technical resistance until around 1.3800 (last week's high). However, I do not expect prices to remain at an elevated level for long.

EURUSD Suprise Bounce

The current EURUSD wave count allows for the possibility of a jump up to 1.3900. I would wait for slightly lower levels to initiate a long positions from near the end of Wave B in order to reduce risk. This should create a head and shoulders pattern with 3 and 5.