S&P signals for a US$ recovery
4 Hour chart trend: Short. Main price points: 10027, 1038.25, and 1050. Looking for: Wave V.
S&P futures came out with a sharp turning point on Friday, just after the prices reached our Fibonacci resistance area around 1050. The top was 1047 before the prices slid through the lower trend-line support and wave IV lows, which signals that a temporary top is in. If that really is the case, the prices should continue lower over the next few days, to approach the 990 support area, while the 1047 top must hold.
$ Index; Correction Expected
4 Hour chart trend: Mixed. Main price points: 76.46 78.00. Looking for: Move higher
The dollar index prices have reached new lows recently, which was probably the wave v) leg, and a final move of a black wave c, which completed the whole wave III) move. A move higher over the next few days should follow. As such, we will be looking for a three wave, zig-zag correction into the higher blue wave IV). In this case, the current 76.46 lows around the lower support line need to hold, while the market approaches the upper trend-line resistance, around the 78.00 zone.
Gold, Support at 982-985
4 Hour Trend: Mixed. Main price points: 982.85, and 1011.66. Looking for: Wave IV)
Gold has reached new highs at the end of the past week as expected, when the prices traded from wave IV) lows up into wave V) that completed an extended blue wave III leg. The top was 1011.66 that need to hold now, while the corrective wave IV is developing. As such, we will be looking for a simple, three wave move down near to the previous wave IV) support zone around the 982-985 area, where another bounce into the highs with a blue wave V shoul follow.
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