S&P JPY SGD Copper Crude Russia

Published: Thu, 01/05/17

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The Complete Market Analysis
Dear ,

Many trends reversed in currencies and commodities, Equities continue to rally. We have covered many MCX commodities for Insiders today, and a perfect wave count on the dollar index.




Russia

As the recovery in the commodity based countries continues Russia rallies with Oil recovering. The trend up may continue till at least the upper trend line of the highs near 1508. Currently at 1189.

russia-040117


Crude

Crude finally paused so it did not extend in wave III, it closed below the 20dma so wave c of II maybe underway and can complete near the 49.95 level as the support.

crude040117


US 10 year T Notes

US 10 year notes are in the early stages of a recovery rally.

tnotes-040117


S&P 500

The S&P 500 remains at the end of a 9 month ending pattern and maybe forming the early fractals of a decline, or a distribution pattern at the top as daily momentum indicators remain in sell mode.

snp040117


Copper

Copper managed to push higher into minor wave iii. 2.49-2.56 are the support resistance from the 40/20 averages. Daily momentum crossed over to a buy, so I believe wave 3 up has started. So if the previous rally surprised fundamentals this one should blow everyone off. 3=1 points to 3.20$. I guaranty you no one expects such a move or even thinks it is justified. The less aggressive wave count is that we are starting wave 5 up which would project only to 2.87$. Both alternates are bullish. Even an extended wave 5 can go to 3.20, so it is an open level now.

copper-050117


USDSGD

USDSGD completed 5 waves up and it is time for some consolidation 1.43 and 1.41 are supports.

usdsgd-050117


USDJPY

USDJPY has 2 negative divergences and wave v of the rally should be complete. A near term correction to 115, is minimum, but if that breaks then 113. is the next support. I am weighing that 3 waves up are complete, then is this a top for the contract. We may not see it rise further right away. if 113 breaks it would set up for a deeper decline in the weeks ahead.

usdjpy-050117
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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, Levels are based on Fibonacci maths and are only indicative of what the mathematical model throws up. This is not a research report. We are not investment advisors This is not a recommendation to buy/sell.
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