10Y Spanish yields ag. 10Y German yields - First see my post from June 14 here:
http://theelliottwavesufer.blogspot.dk/2012/06/elliott-wave-analysis-of-10y-spanish.htmlWe are now clearly headed towards the next target near 8.12 after the break above 6.73. This situation is not acceptable for the Spain or EU. I'm sure that some kind of emergency meeting will be called later this week and they will come up with a new solution to the crisis in Spain. Of cause it will be a solution that will not be worth the paper it's written on, but the financial markets will react positively to it at first.
EUR/USD - We have now reached the first blue wave v target at 1.2105, but I still think that a continuation towards the second target near 1.1985 is more likely. Once we reach strong support near 1.1985 we should expect a bigger correction back towards the 1.2306 area as the first target.
USD/JPY - Should be very close to its wave ii bottom. We could see a move even closer to the 77.65 low, but we can break below with even 1 small pip as that would force a recount of the decline from 84.17.
Therefore buying USD here should pose a low risk possibility with a stop at 77.64. More conservatively wait for a break above 79.14 as a break above here will be the first indication, that a low is in place.
NZD/USD - The decline from the 0.8054 high does have a clear impulsive character to it, however I would like to see a break below support at 0.7857, which will confirm the count for a continuation towards at least 0.7700, but more likely a decline towards 0.7481 will be seen in wave iii.
EUR/JPY - Is now at its long term target near 94.58 and we should expect a bottom any time now. A break above 94.75 will be the first minor clue, that the bottom is in place however only a break above 95.24 will ease the downside-pressure.
EUR/NZD - The picture here is pretty much the same as for EUR/JPY. We have seen a test of the long term ending diagonal support-line near 1.5140 here too we should expect a bottom to be formed any time now. A break above minor resistance at 1.5293 and more importantly a break above resistance at 1.5450 will confirm the bottom.
EUR/TRY - Here it looks like we will see a continuation towards the extension target near 2.1221 before the next sizable correction can be expected. That said caution and a close stop at 2.2325 should protect for a sudden turn-around
Dow Jones Industrial Index - Might already have finished its rally from 12,494 at 12,977.50, which a break below 12,755 will confirm and call for a new test of strong support at 12,450, but a break below here will confirm the next powerful decline towards 12,054 and lower
Crude Oil - The decline from 92.94 does have a very impulsive look to it and a break below support at 89.47 will indicate that the top is in place, while a break below 87.43 confirms the top for the next part of the decline towards the long term target near 72.00
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