Sp 500 - Are you ready to cover your shorts, just in case?

         At the beginning of the week the markets recaptured a little bit, but since Thursday they are on their way to test the 05/06/2010 lows. Further I assume that those lows are extremely significant and they should resist. Correspondingly I am quite adjusted bullish, but I know that a test of those lows is necessary to confirm the long term upward trend(potential C wave of a zig-zag, and of course new highs). 

Today a perfect low would be at 1090, when a daily price and time magnet will coincide, completing a zig-zag as 2^nd wave.

AUD/CHF - Forex

Short opportunity. The pair seems to be ready for at least one more leg down. 

Gold - Elliott Wave Update - Shine Time Part II

         The Gold pulled over few more points after first target (1208) I projected in Apr/20/2010. After short break the price went to uncharted territory and marked new high. Reaching all time highs, the price action didn't show any violent counter reaction. All the setups show that gold has not reached its overriding targets yet. The daily setup puts out the important mark of 1205-1207 where gold should fall onto maximally this week, and will set up a new buy entry.

The 1205-1207 support zone seems to be very strong. That's why I think gold is on its way to another rise. Next closer target is around 1275-1280. 

 

As we see the price was stopped by the main 1*1 Gann Angle again. Next (final) test, and reaching the final 1320 target probably will be in June- little earlier than I expected in my last posts, due to the acceleration. Be prepared to buy any dip. Good luck!  

SP 500

I still favor higher prices into late July or early August. The recent decline went much further then I expected and setup the perfect long entry. One more bearish"zig-zag", and testing the previous Thursday low is  possible as well.

I tried to  apply the Fibonacci model on the daily SP 500 chart, and got some results.

 

I still got bullish bias about SP500 until the price action prove the opposite.

  You know .......that's life , that's what all the people say

                                    You're "buying" high in April, "short" down in May
                                    But I know I'm gonna change that tune
                                    When I'm back on top, back on top in June............................
Enjoy the weekend.

Sugar

         Probably the sugar is rolling over for upward correction. Since February 2010 top the commodity has dropped down in five completely clear waves. And they look completed for now.
         We need to see breaking the main resistance at 17.74 in five waves to have buy signal, of course after brief  test the support/resistance at 15.50.  Be prepared.