HSI

        There is not much to be said about Hang Seng Index, except that it has ideal classic wave structure. HSI not only drew five ideal waves, but it pulled back to 61.8% Fibo. It seems that it made long term bottom and ready to take off again. 

      Hourly picture shows the chart, that is full of huge gaps. Despite the gappy structure the one can count waves perfectly. I noticed that third waves are shorter than first waves usually, but the pattern stays valid.

Good luck trading!

DAX

      DAX may have finished the dipping  toward the bottom already. Since May/2 /2011 DAX unfolded in three clear A,B,C waves, and bottomed in Sep/12/2011. This bottom suppose to be the END of the Bear market/correction. The C wave lays right on the line of 423.6 % Fibo of A wave, and close to 61.8% of the whole bullish move since Mar/9/2009.

 The price action imposed bullish tune in my analysis on daily base. The waves look very clear, to be counted, and no doubting - this should be resuming the bull market. 

Good luck trading!

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.