SP 500 cash index

Down sell target was reached, that had been prognosticated in my last post. Probably a week low was marked.We got the H&S pattern. The price slides down perfectly fit between the trend lines. Even the daily indicators don't look oversold. The things look simple.  It cannot be better. Now what? We should turn upwards now. The market needs a small and weak counter trend, filling the open gap noted on the chart below. One of the confirming things we have to look for is a reversal daily candle this week. It is maybe on place. The wave count looks proportionally completed. 

One thing is for sure: If we break the trend line downwards next few days the bear smell will spread out everywhere, and the very well known EWI flash begins, and my long term huge triangle scenario for the last few months fades out. 

I would like to add the bearish expectations chart according to AAII. The bearish bias among the investors rose up to 33 % last week. This level is very close to 7/09 35.6 %, when the price takes off again.

EUR/USD - Buy EURO

Now I think the expected rally for the EUROPEAN UNION began. Good luck!!!

DAX - Elliott wave update

In 2007 I noticed DAX and other EU indexes made their high few months earlier (June,July) than their US famous brothers- October. But they bottomed in March 2009 almost together ( 3 days difference ). I'm just curious- is there any correlation to follow?  

The chart bellow promises possibilities for as I said in previous posts about DAX- wide range day to swing trading. Be prepared.

SP 500

Last week the price rebounded very impressively from the 1*1 Gann Angle downwards.The next and relatively powerful support is 1037, which was tested very timid yesterday. If this week closes underneath we would have a significant medium term sell signal, that would lead the price to the first sell target at 1000 to 1008. If we rebound next two trading days from the neckline, then could see the right shoulder, and even above-1150. All depends on the next few trading days.

SP 500 The bulls woke up again

       This mornings price action confirmed strong bullish signal breaking the main 1*1 Gann angle.  There are overbought conditions in four hours chart and lower time frames, so we can reckon on brief pullback, testing the 1*1 angle and potential "A"wave support . If the price refuse to break the "A" wave and 1*1 angle support  will be setup the perfect long entry again. 

Good luck!