What are the Facts about Currency Structure of Stocks
The Dow pushed up through the 618% at 10,165/72 therefore that took out the Elliott wave structure downwards for the time being, but it has not taken out the terminal high of 10,408, indeed technically the Elliott count down is still in play, this is major to realize ahead jumping the gun and exiting or going long, the news that pushed the market overnight will be disregarded tomorrow.
Firstly, we need to see if resistance becomes support at 10,300, there are markets on their supports in Australia mainly, the Materials sector, as it is above the MediumLevel 11,500, in line with US BHP above 65 and local BHP above 38, the banks on the other hand are not supported they are facing resistance, the Dow is on 10,000 which is support, we have been anticipating a break there, the same with the XJO on 4300 support (Group1)
Gold is not on sustained, sure it has rallied and might shatter from 1200 or push to 1230 if the Dow pushes to 10600, however for now it is under 1200.
Forex, the AUD will push higher leading stock, whenever the DXY breaks done 82, it places it into a bigger bearish picture toward 80 and the Euro above 1.30 this would change the wave counts there, it hasn't occurred as yet and we require seeing this played out
It would be tempting to chase the resource today, if so keep it tight and understand Copper is creating the first high above the level TL3 and will retest it, so expect a likely pull back and crude touching on 80 will meet with a reaction, I saying don't get trapped, play a shorter time frame.
The ASX200 XJO is finding support at 4400 however it starts running into supply and resistance at 4500, the 618% retrenchment is around 4700 and the 50% retrenchment at 4600, so there is resistance all above 4500, so whatever happens at 4500 will set the scene for the next trend. There are a variety of things that can happen, firstly, it is likely to react to some degree, either failing at this level or gathering itself after the reaction and climbing above creating the first high above the level then retesting the level for support, but normally the first high above the level is the top of the last trend, so from here a larger pattern would unfold across 4500, eventually finding support if this is the case we would be trading long from here, the other point on the local markets is that stocks are current oversold and without the fear of the US to hold then down they will move up quickly, so we also need a trading plan for that.
In a nutshell the resistances for the Dow at 10,500 and the ASX200 at 4500 are the key points for the week ahead. Whenever these levels become support then we can await higher moves, these events when they come will take time to evolve we will be discussing the finer details of this possible ness if it unfolds.
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Resistance all round, the Dow Index touches on 10,500, the SPI on 4500 BHP on 72 (local BHP 40) Crude looking at 80 and the AUD at .90.
The lows are in place for the Indices and the rallies have begun, on this most other markets join in on the prescribed. The next question is will the rallies stay under their last highs, for the Dow Jones Index that is 10,408 the S&P500; 1,100 the bottom line is if they move through these highs then the larger rally up is not complete and the Dow would be up around 10,600+, that's the bigger picture on the upside.
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Resistance all round, the Dow Index touches on 10,500, the SPI on 4500 BHP on 72 (local BHP 40) Crude looking at 80 and the AUD at .90.
The lows are in place for the Indices and the rallies have begun, on this most other markets join in on the prescribed. The next question is will the rallies stay under their last highs, for the Dow Jones Index that is 10,408 the S&P500; 1,100 the bottom line is if they move through these highs then the larger rally up is not complete and the Dow would be up around 10,600+, that's the bigger picture on the upside.
The move on Friday certainly helps with calling in the top and the start of the next trend down as the third wave. In the US markets this is no ordinary wave three, there are three or four degrees of wave three, this will be a powerful move down. Sometime it's under TL1/10,000 and done a retest or two we require being little peculiarly in the US Indices for the yearned tenure and with the US Dollar expected to push up, then over all a good trade.
Supply is another fundamental component in market analysis, which relates to the behavior of production and sales within the market place. The supply represents what producers are willing to sell over a wide range of prices for any given time period. The producer is willing to produce a product whilst the market price is equal to or greater than production costs.
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