S&P500 E-Mini - Hourly Chart - Channels and Fib levels

The "Channels" are our guide and but the FIB levels always come first.

FISHING FOR ANOTHER BOTTOM IN THE EURO

The picture has now become clearer in the short term.

Key Pivot level is 1.214. If this level breaks we should have one more push down to the fib cluster between 1.1691 to 1.1898.

Long term targets are 1.1338, 1.0310 and .8988. Will provide a chart at later date.

"Remember this is just One Man's Opinion"

The "Big Picture" for NZDUSD

We should see a good bounce in short order but if you take a look at the "Big Picture" further weakness should be ahead. However, after this downtrend ends we should see a substantial and relative out-performance of this pair against other currencies.

"Remember this is just One Man's Opinion"

USDCHF - FIB ZONE HAS BEEN HIT

SELL ZONE HAS BEEN HIT

TARGETING 1.14 AND 1.12 AREA

"Remember this is just One Man's Opinion"

USDCAD - APPROACHING FIB RESISTANCE

LOOKING TO SHORT BETWEEN 1.0870 TO 1.093

TARGETING 1.0663 AND 1.0606

"Remember this is just One Man's Opinion"

The Markets have Showed their Hand

As per my previous post it looks like the market has taken the alternate count. However if we break the May 6th lows again, which may happen overnight, we will visit the 1000 to 1020 area in a swift and decisive manner. From that level as all round number tend to act as significant support or resistance. When price approaches we should see some kind of bounce. It is very much possible the travel to this level will be very complex and many head fakes on the way there. As I look at the real time chart as I write we are at midst of a break of the low from last Thursday. If this double bottom holds we should see a rally up to the 1110 to 1120 area. The market showed its predictive hand and it is not going to be for the faint of heart investing in equity, commodity and currency over the next 2 to 3 years. There will be great trading opportunities for the trader type mind however for the majority of the population cash will be king as we muddle through this most difficult period. There is nothing wrong in being in cash but the key to cash is that you have too be fearless when the opportunity presents itself. I believe we will be witnessing the ultimate bottom within the next 2 to 6 years, which will set the stage for another great bull market that should begin between 2018 and 2020 and last for 10 to 12 years.

"Remember this is just One Man's Opinion"

Since May 6th the market has demonstrated that the crash on that day was more than just a "fat finger". Like I said before, May 6th was an omen of things to come. We will see a few more of these crash like days over the next few years. No matter what governments do, inevitable price will continue where it wants to go. The market should trade in a choppy fashion over the next 2 to 4 weeks. We are in the midst of a wave 4 correction on the daily. My feeling is that this correction maybe more complex than most believe. Due to the fact that the wave 2 correction on the daily chart was very simple, thus wave 4 will trade in a frustrating pattern. It is possible that we trade one more time to the 1160 to 1170 area of the s&p500 to complete a 4th wave flat type correction. Any close on the weekly chart below 1080, the S&P500 will be visiting 1000 faster than anyone believes. The structure of the market is showing bearish implications, this 1st wave of Primary wave 3 is providing us a glimpse of what is to come over the next 2 to 3 years. After wave 1 of primary wave 3 is complete we may see one more rally to 1200 on the S&P500 just to suck everyone in for the biggest leg of this bear market and that is wave 3 of primary wave 3 or as most Elliotticians say the 3rd of 3rd wave. If wave 3s are never the shortest and usually the most dynamic; just imagine how dynamic and fast the 3rd of 3rd will be compared to this current structure. Any longterm investors should be in cash right now and wait for the buying opportunity of our lifetime within the next 4 years.