Morning update
Evening Update
EUR/USD - Above is a 4 hour chart from this morning and one from this evening, what a difference. This morning the rally from 1.2825 still could turn out to be a five wave rally to end wave 5 up. However, looking at the evening chart, that is not an option any more. Instead it looks like a big flat correction is unfolding and if this is the case we should be looking for a five wave decline in wave C towards 1.2769 over the coming days.
Morning Update
Evening Update
EUR/JPY - This cross was very close to a "Bulls-eye" at 104.71. However, it only made it to 104.59 (just 12 small pips from the ideal target). The decline from 104.59 is clearly impulsive in nature, which adds confidence in our count. What to expect now? We should see the biggest correction since the 94.10 low in both price and time. That means a decline of more than 422 pips and it should take more than a month to develop.
Short term a break below support at 103.15 will confirm a continuation down towards the first target for this correction at 99.35. This decline will of cause not be in a straight line and therefore we should look for the first minor low at or just below 103.15 for a correction of this first impulsive wave down. However, this correction should be followed by a new powerful decline.
Morning Update
Evening Update
EUR/NZD - Looking at the other charts almost nothing has happened here. This could be a warning that we need a more complex correction, but it could as well just be a consolidation gathering power for the next rally.
A break below 1.5906 calls for a more complex correction, while a break above 1.6010 calls for the next rally higher towards 1.6061 and 1.6127
Morning Update
Evening Update
Dow Jones Industrial Index - Yesterday DJI closed below the minor support line and today we are witnessing a powerful decline confirming the break. So we should have our attention towards the downside for a test of the next support (the red dotted line) near 12,686 and a break below here will do some massive technical damage and call for a decline to the bottom of the channel near 11,200.
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