EURUSD: Long-term traders still short the Euro from daily system trade, short and medium-term traders would have exited between 2/3 to the entire positions at 2nd profit target.
ACTION: Expect choppy action over the next 24-48 hours for the EURUSD pair. Use 60 – 240 minute overbought and oversold levels in the direction of the trend on either of those time-frames. Longer-term, it still looks lower based on the current wave structure. See daily chart for the currency pair below with complete analysis.
EURGBP: Euro-Pound is likely in the middle to latter stage of a 2-3 day, B-Wave, corrective bounce. After this is over, this pair will likely have a larger C-Wave correction lower to 8455 to.8350.
ACTION: Look to sell 60 – 240 minute overbought levels once the trend on either of those time-frames is sloping downward. Exit between .8465 and .8365. See daily chart below.
GBPCHF: This cross has an automated counter-trend pattern buy opportunity.
ACTION: Potential BUY. See chart for the RED horizontal BUY breakout line and profit targets. See daily chart for GBPCHF below.
GBPJPY: Still short on the Pound-Yen cross, move stop to 140.52, consider exiting on intra-day weakness. We may have another buy signal form shortly. Daily chart is provided below.
S&P500: The short on the US stock index was "technically" stopped out, as it just missed our automated move to breakeven. It is currently at the resistance provided by a three tap automated down trend-line. The sell-off looked corrective thus far. Breaking the trend-line up would likely mean a 5th and final wave up into March cycle highs. Conversely, breaking below 1482 will likely mean the larger sell off that we have been seeing potentially for March 2013 has begun.
ACTION: Look to trade the 60 – 240 minute overbought/oversold levels in the direction of that trend on either of those time-frames. S&P daily chart below.
UK100: FTSE 100 stock index stopped out of short trade at breakeven.
ACTION: Look to trade the 60 – 240 minute overbought/oversold levels in the direction of that trend on either of those time-frames. Footsie daily chart is provided below.
XAUUSD: GOLD short trade hit all of our initial daily chart targets. Weekly targets are still much lower, however, we do not yet know if the October to February sell-off is a large correction of the beginning of a bear market.
ACTION: While we have another systematic sell signal on yesterday's close, since it was generated on a large range inside bar, we prefer to follow the 240 minute and/or 60 minute trends for now and trade shorter-term overbought and oversold conditions. See daily chart below.
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