EUR/GBP

Looks like the Euro pushes up the GBP as well.

The (( C )) wave is expected to unfold toward 0.8940.

Good luck trading!

EUR/USD

The Euro tries to climb to 1.450 in a straight direction, or pulls back to 1350 first. 

Good luck trading!

COMPQ – WEEKLY TECHNICAL OUTLOOK

                  The March 2009 to May/July 2011 bull market unfolded in five quite clear waves as well as SPX and INDU. The one can count these waves as five Primary waves, expecting this bull market off the Mar.09 Supercycle low to be of a Cycle wave degree.

                  The recent two year bull market I have currently labeled is Cycle wave [1]. It should be followed by a Cycle wave [2] as a bear market. Recently this bear market has unfolded its first A wave and the second B wave hopefully. We should expect one more bear move to unfold as wave C to complete the Elliott Wave pattern called “zig-zag”.

                  Fibonacci relationships suggest a potential  low at three specific areas: 38.2% retracement at 2262, 50.0% retracement at 2071and 61.8% retracement at 1880. Currently I am expecting next move to 2100 support area to unfold next few months. I can confirm bull market in correction on weekly base.

COMPQ – DAILY TECHNICAL OUTLOOK

                  The current downtrend started in early July at 2879. I can count the current wave A as completed, because it contains five clear impulsive waves. I have labeled B wave as completed because it has already corrected 50.0% of A wave, but it have may not finished yet.

                       What should follow next is a preferable rally as Primary C wave. Potential target is the 2070 support zone.

             We shouldn’t consider any bullish move as a resuming the long term bull trend until breaking the resistance area 2600-2660, and closing above it on daily base.

S&P 500 Week for reflection

        Next week suppose to be one of the important weeks for the S&P 500. 

       We have already 8 weeks decline and the price has already touched the important  Gann Angle closing above it. I pay attention to the number 8, because it is included in the Fibonacci sequence, and has it's importance. The odds are extremely in favor of a significant rebound to happen here in the environment of the support, offered by the Gann Angle, 200 day moving average gives price support as well. A reversal daily/weekly candle will be one of the signs for rebound. 

       I can also assume spiking weekly candle, reaching 1250 even 1232, with closing weekly price above 1247.80.

       The Elliott Wave pattern that has been forming for several months (2/22/11 - now) is running flat(3-3-5) in case the price doesn't break 1247.80. If does break it, the running flat turns into expanding flat (3-3-5).  

Good luck trading!!!

  

S&P 500 How strong is the fear

      The old saying - ' sell in May and go away ' , "pulled the market down again". It is a fact that US indexes have been faling as long as five weeks, and the fear melts the prices as always. 
       Exactly at  1266/20.06.2011 passes the 45 degree Gann angle with a start point 665.83/06.03.2009. Around that level the bulls should take control again and lead the price at new year high around 1393, marking a new top.

Good luck trading!