Reality Sector, Russel, Dollar

Published: Thu, 08/10/17

     

Dear Members,

10 Aug 2017

The Dow was the only index in the US making new highs while the Russel started to roll over [chart below]. The realty index rolled over however the only stock adding to it was IB real, the others made a top in May itself. And the dollar bear market continues in cross rates.


USDCAD

USDCAD - bounced back in wave 4 of 3 up and should start to decline in wave 5 of 3 from here as it faces resistance at 1.277 and 1.237 is where the fractal for wave 5 of 3 points to next.

usdcad-090817


Dollar Index

A lot of changes - the Dollar index is attempting to break past the 20dma at 93.82, and if it does not the alternate discussed last week will come into play. Wave v of 3 down might still unfold in one more decline to 91.61 before wave 3 down completes.

dxy-090817


USDCNY

USDCNY - is extending in wave C down and it is not possible to mark it as complete anymore despite the very oversold daily chart. 6.63 is a 38.2% retracement of wave 3 for wave 4 to bottom. the low could also be wave A of 4 if a triangle is in formation in wave 4. 

usdcny-100817


Realty Index

Realty or should I say Reality index? The index stayed up so long in Wave C near the upper end of the channel that people start believing in it being a turnaround story. It still does not look like that. -A-B-C done we should be due for a complete reversal back to multi-year lows for the sector index and so for realty stocks.

realty-100817


Russel 2000

US equity indices are seeing major divergences in the last week. The Dow is alone at the new highs. The Nasdaq is moving lower slowly, the S&P is flat, the Transports is bouncing back from a 5 wave decline, and the Russell 2000 is now in minor wave iii down from the multiple highs in the channel of the 6 month highs and lows. We can say prices are attempting to move to the lower end of the range again at 1374. 

russel-040817


USDAUD

USDAUD - near completing wave IV up and wave V down to 1.20 should be next based on the 5 wave fractal developing. 

usdaud-070817


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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess
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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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