“THE MARKET(S)” a.k.a. “RISK” SNAPSHOT – 60 Minute Closes
SPX 500 – Daily Bars
This chart has been updated since last week. However, there are no changes to the text. Apparently, the correction (rally) is complete but the time is yet. Somewhat over 50 percent of the turn down was retraced in more than a week’s time. The turn down from the last high in April consumed 43 days. I’ll maneuver deeper into these statistics but when you take a look at remedial rallies occurring after 5wave drops from essential tops (1987 and 2007) you will notice that these rallies are consuming 1/3-1/2 of the duration that the drop took. Precisely, it is anticipated that the rally from the drop will take approximately 14 to 21 days. Estimated from the low of 6/4, topping dates on 6/22 and 7/3 become apparent.
SPY ETF – Daily Candles
This has been updated from the last two weeks plus last week. It is now clear that the last leg of remedial rally that started at a 6/4 low is already underway and it is headed towards 137.55. There are a couple of gaps that you need to keep watching: 135.53, 136.99, and 138.99. Equally possible extension levels include1368.93 for the S&P indicator and 12918.65 for the DOW indicator.
AUDUSD – Daily
Right now, the focus for AUD/USD pair remains around 10225/10240. However, the advancement from 9849 has matured (5 waves). A pullback might test the 10050 level in wave 4 of C prior to the attack on the average 10200s later on in the week (have a look at the upcoming chart for near term wave count).
AUDUSD – 240 Minute Bars