S&P 500 ~ Elliott Wave Count ~ 29 May 2014

The rally continues today despite a decline in the US GDP.

It looks like wave [iii] is underway. If that's the case, a target of 1960ish is likely:

Some readers pointed out that we could be in an ending diagonal and thus upside would be limited to about 1920-30. This is a valid alternative and I'll closely look how the market reacts over the next few days. If the SPX breaks below 1900 convincingly, this alternative may very well be underway.

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Author: Patrick Eugster

S&P 500 ~ Elliott Wave Count ~ 23 May 2014

1900!

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Author: Patrick Eugster

S&P 500 ~ Elliott Wave Count ~ 21 May 2014

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Author: Patrick Eugster

EUR/USD ~ 20 May 2014

The EUR/USD is still at 1.37:

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Author: Patrick Eugster

USD/JPY ~ 20 May 2014

The USD/JPY is once again at the support at 101ish. If it holds, a rally to 102.5ish or even 104ish is possible. If it breaks, a decline to 99ish is likely

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Author: Patrick Eugster

EUR/USD ~ 16 May 2014

The EUR/USD is now right at the support level:

If this level holds, we may go back to 1.40. If it breaks though, a sell-off to 1.34ish is likely.

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Author: Patrick Eugster

S&P 500 ~ Elliott Wave Count ~ 16 May 2014

The SPX never broke 1897 convincingly and then broke below 1885ish which lead to a sell-off to 1865ish yesterday.

For now, the [i]-[ii] count looks still decent. However, as before, we need a convincing break above 1897ish to confirm this count.

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Author: Patrick Eugster

EUR/USD ~ 13 May 2014

Depending on how you draw the lower trend line, the EUR/USD is now slightly below or right at the trend line:

Thus, despite breaking the first trend line, it's probably best to wait for a break below 1.367ish.

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Author: Patrick Eugster

Gold ~ 12 May 2014

Gold has been trading between 1200 and 1400 for about a year now. As long as we stay in this range, the long-term trend is neutral.

Medium-term the situation looks very similar. Support is at 1280 and resistance at 1330. Until we break either of these levels, the medium-term trend is also neutral.

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Author: Patrick Eugster

S&P 500 ~ Elliott Wave Count ~ 12 May 2014

So far, things are looking pretty good.

If 1885 holds for the next two days or we convincingly break 1897 tomorrow, we should be in wave [iii]

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Author: Patrick Eugster

EUR/USD ~ 9 May 2014

The EUR/USD hit the upper trend line and then declined to the lower trend line of the rising wedge:

If we get a convincing break below it, 1.34 should be the first target.

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Author: Patrick Eugster

USD/JPY ~ 7 May 2014

We got the expected rally to 102.7ish which was followed by another decline to 101.3ish. As long as this level holds, we should rally to 102.7ish again.

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Author: Patrick Eugster

S&P 500 ~ Elliott Wave Count ~ 7 May 2014

So far, nothing has changed. The market is still trading sideways.

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Author: Patrick Eugster

S&P 500 ~ Elliott Wave Count ~ 5 May 2014

I think for now, this is still the best count. A break above the recent highs should be pretty bullish.

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Author: Patrick Eugster

Crude Oil ~ 1 May 2014

Crude declined after it hit the declining trend line:

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Author: Patrick Eugster

S&P 500 ~ EOD ~ 1 May 2014

We're still at 1884ish:

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Author: Patrick Eugster