Oct 27 2012

S&P500 is bullish after a break above 1423 high, now labeled as a (W) that is part of a very complex wave Y that will complete wave D) of a larger expanding triangle. If we are on the right track then market will extend into a new all-time highs, ideally towards 1610 level while 1266 support holds.

Current sideways price action is clearly a corrective movement, a complex wave B) so break higher. is expected.

 

EURUSD is looking bearish now, after three waves up into 61.8% retracement area from where market reversed lower as highlighted yesterday. Support channel line is already broken which definitely puts pair into a bearish mode. If stocks will weaken in the first part of the US session then EUR has no chance.

Oct 17 2012

Dollar index extended even lower yesterday, now through the channel support line which puts market into even more bearish mode than before. We believe that wave 5 is underway which should unfold in five waves towards 78.00 projected zone. Any short-term bounce will look for a reversal from a trend-line; broken support becomes resistance.

Oct 10 2012

USDCAD looks very bearish after a sharp fall through channel support line, which we believe it was corrective. If thats the case then we know that larger downtrend should continue as fall from 0.9886 unfolded impulsively, followed by a slow upward reaction in this week, which appears to be wave (ii), part of wave 5. As such, our forecast is still pointing down on USDCAD as long as 0.9886 holds.