Market Forecast for 07-09-12

Dow: Crash watch in effect for the US stock market if 12560 then 12320 are broken (on the downside) on the DOW stock index (see daily DJ chart below with analysis). Otherwise, we should see one last rally. Continue to sell rallies unless 12630 is broken on the upside.

dow daily chart for july 9th, 2012

Yen: USDPY should make a big breakout move within the next few sessions (see chart for breakout points and path).

usdjpy weekly chart

Euro: EURUSD continues its nose dive, but Wave V (culmination) of larger Wave 3 has reached our price target. Lower prices are still likely after a Wave 4 corrective rally. Continue to sell rallies.

euro 4-hour chart with analysis

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