Crude Dow Australia GBP World Equities

Published: Tue, 12/29/15

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The Panic around the FED is overdone and we are back to looking at the markets as they are. Various markets are showing signs of relief as expected. Sell on expectations and buy on news seems to have worked here. The moves are slow and lethargic in some markets due to the holiday season but higher tops and bottoms are a good sign to start with.

Dow

Dow - took support at a trendline of the recent lows. Wave B maybe complete in a channel and wave C up should have started. Sentiment reached as low as it had at the August low in line with the expectation of a bottom here.

dow231215


Crude

Crude remains above the lower trendline of the wedge. Daily momentum crossed over to a buy. 38.40 at the 20dma is the first resistance on the way up.

crude231215


FTSE 100

FTSE 100 - the UK index of stocks was leading Europe on the way down and is doing so now on the way up as well. As shown below it is possible to mark the decline as a 5 waves down. And we are in a  A-B-C up trend, and in wave C of that. Wave C up can go to near the 61.8% level and is today making a 3 day high as momentum gives a buy signal. So it has a lot of room on the up side before we can call it an end to wave C.

ftse231215

 

USDGBP

I have been expecting the GBP to start strengthening again. In other words USDGBP should come down in wave C of 2 at a larger degree. We have reached the last point where I can maintain this wave count in the current format. Meaning that wave C of B is shown as a 5 wave rise where v is now equal to iii. It may be an expanding structure. Wave B has retraced 78.6% of wave A now. So the high of 0.6754 should be an important one. As long as it holds wave C down is due next.

usdgbp241215

 

Australia

Australia - bounces back from the weekly lower bollinger Band support as weekly indicators remain in buy mode.

 australia291215

The best case is that wave B was 3 waves down in a channel and wave C up started which should be impulse and retest the wave A high once more.

australia291215a

 

Nikkei

Nikkei - The Japanese stock market has been weaker than usual off late. The reason might be that, after completing its 5th wave in July the stock market fell in 5 waves down. The subsequent bounce back has retraced 78.6% and therefore is set up to start another wave down. The recent selling is not certainly impulsive to confirm the start of wave C. It is possible that wave B is forming as a triangle and the Nikkei spends some time between 18560 and 20000 before wave C down unfolds. A break below 18650 would mean that wave C down has already started.

nikkei291215

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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess future probable outcomes. It is our endeavor to discuss high probability outcomes for traders and investors. However this is not a solicitation to buy or sell stocks futures or options or any security. Trading in any financial market should be done with sound knowledge and the help of a qualified investment adviser. Stocks based on the Elliott wave model are based on the Fibonacci fractal of the market and momentum indicators, targets are based on Fibonacci maths and are only indicative of what the mathematical model throws up. This is not a recommendation to buy/sell.
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