Technical Analysis Daily CFD Trading Report 13 May

Dow Jones 15,115 +0.24%
SP500 1,633 -0.43%
NASDAQ 2,981 +0.67%
FSTE 6,624 + 0.49%
Base Metals Steady
US Spot Gold 1447
US Spot Silver 2385
Oil WTI 95.90
US Copper CFD 338
US Dollar CFD 83.15
EURUSD 1.2989
AUDUSD 1.0020
DJI CFD 15,100
S&P500 CFD 1632
FTSE 100 CFD 6633
DAX CFD 8293
Shanghai Comp 2246
China CFD 11,256
ASX 200 CFD 5117

News
New highs for US Stocks and further to go..  

Commodities

US Spot Gold 1447
TradingLevels If the 1440 becomes the retested resistance, then the taking our of the 1419 low would be the trigger to short. While the market stays above 1430 the market is still supported. The 1420 and 1472 is the new trading range, after three swings within this range we should the 1450 ending up as support or resistance, we can look at the internal wave structure at that point to work out the direction, as the pattern above 1420 can still be corrective or part of an impulse wave lower
Elliott Wave: The move down from the 1487 high to the current low 1420 is still in three waves i.e. bullish corrective, if the 1420 low is taken out then it would be bearish
Strategy: Short the breaking of 1420 other wise there is still scope for new highs.

US Spot Silver 2385
Technical Analysis: Intraday, expect an abc retracement down from the 2400 area, back to 2370 area. If the move down is in three waves then expect a move higher through the 2400. The 2350 as tested resistance would give a bearish bias.

Oil WTI 95.90
Technical Analysis: The pattern across 95.00 over May is in three waves that is bullish corrective, so the market is still positive

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.34+
US Nickel:             Last: 7.11+
US Zinc:                Last: 0.83
US Aluminium       Last: 0.82-

US Copper CFD 338
While the market is above the top of group1 330 then the market is positive and further upside should be expected, this will stabilise the resources.

Forex Trading

US Dollar CFD 83.15
TradingLevels:  Expect an abc corrective pattern across mTL3|83.00 and then look for support on 83.00 for further upside.
Elliott Wave: the abc across 83.00 is Wave iv 

EURUSD 1.2989
TradingLevels: The market will swing across 130 a few time and end up as support or resistance, the bias is resistance, but as always trade what you see. If it is resistance then you know the Elliott count is right
Elliott Wave: Five waves down from the 1.3193 to the current low 1.2935, so expect to see and abc retracement. How high is the question it maybe to 1.3050 or higher towards the 50/62% 1.31 area, we are better off count the abc 5-3-5 structure. The bias would be for a lower retracement taking into consideration of the possible Wave iii) of (iii) scenario
Trading Strategies: Wait for the abc bounce to run out of stream and then look for short trades.  The USD would also require support on 83.00 aft it has its abc across 83.00

AUDUSD 1.0020
TradingLevels: Expect about five swings across 1.00 over the week ahead as a series of waves four and five unfold
Elliott Wave: Wave iv rally above 1.00 (possibility back to 1.01) and the Wave v of (iii) below 1.00 making new lows
Trading Strategies: Longer term short.  Short term traders need to understand the Elliott count within their degree of structure they are trading and of course the retesting or the levels within that degree of structure can be useful  

Indices

DJI CFD 15,100
TradingLevels:  Support on 15,100 set the next target at 15,200
Elliott Wave: The pattern across 15,100 is corrective, so the bias is higher in the following session
Trading Strategies: Tested support on 15100 through scale in through SG1 with the target close to 15200

S&P500 CFD 1632
TradingLevels: Support on top of SG1 1630 is critical for further upside and the support is developing, it’s just not tested support as yet, but the bias is that is will, because of the wave structure
Elliott Wave: The pattern across 1630 is corrective so expect new highs
Trading Strategies:  Long on the 1630 tested support and the break of 1635

FTSE 100 CFD 6633
TradingLevels: Support on top of SG1 6630 creates the long for new highs
Elliott Wave: Wave v of (iii) still expanding upwards

DAX CFD 8293
TradingLevels: Look for tested support on 83.00 then scale in through SG1

Shanghai Comp 2246
There can be more corrective pattern at 2230 before further upside. The 2200 as resistance creates the bearish bias
China CFD 11,256
Same - Corrective pattern playing out in three waves across 11,200 once completed expect further upside


ASX 200 CFD 5117
TradingLevels: The market is working through mTL2|5,200 within the SG1 5230 and the SG2 5172 range, as long as the market stays above 5150 the midpoint the trend is up, that said a test of SG2 5180|5172|5165 can easily occur and if the market does move below 5200 to test lower and then returns to develop support on 5200 then that is the long trade set up. If the 5230 the top of SG1 develops support then its long from there
Elliott Wave: Wave iv vibrating across 5200 then Wave v of (v) of iii) 5230-50 area
Day Trading Strategy: 5220 as support could be good enough for a long trade

Technical Analysis Summary
US indices have further upside, new highs.
Base metals can have further upside which in turn will continue to lift resources.
The USD is moving higher and should continue to move higher while crosses in the other direction

Quote
"Tactics without strategy is the noise before defeat." - Sun Tzu

Today's Financial Events
Australian Time AEST
8:45am            NZD    FPI m/m
9:50am            JPY     M2 Money Stock y/y
11:30am          AUD    Home Loans m/m
                        AUD    NAB Business Confidence
12th-16th         NZD    REINZ HPI m/m
3:30pm            CNY    Fixed Asset Investment ytd/y
                        CNY    Industrial Production y/y
                        CNY    Retail Sales y/y
13th-15th         EUR    German WPI m/m
5:15pm            CHF    Retail Sales y/y
All Day                        EUR    Eurogroup Meetings
10:30pm         USD    Core Retail Sales m/m
                        USD    Retail Sales m/m
12:00am          USD    Business Inventories m/m

CFD Trading Report Free Trial >

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

DayAhead 10 May

(Sorry, No Sound on Video)

Dow Jones 15,082 -0.15% (6.40AM AEST)
SP500 1,626 -0.37%
NASDAQ 2,961 -0.24%
FSTE 6,592 + 0.14%
Base Metals Mixed
US Spot Gold 1464
US Spot Silver 2390
Oil WTI 96.20
US Copper CFD 336
US Dollar CFD 82.80
EURUSD 1.3020
AUDUSD 1.0080
DJI CFD 15,080
S&P500 CFD 1627
FTSE 100 CFD 6585
DAX CFD 8245
Shanghai Comp 2233
China CFD 11,197
ASX 200 CFD 5196 


News
USD moves higher placing pressure firstly on FX pairs then stocks then commodities

Commodities

US Spot Gold 1464
TradingLevels The SG2 1472 is the line in the sand for being long or short and using the other SubLevels within SG2 for adding positions to the trade. That said the market is traveling sideways in the SG2 to 1440 trading range and it appears that another high can be made to 1500 before the rally is completed, but as mentioned you would need the 1472 as a solid retest of support before being long. The other bearish set would be the midpoint 1450 becoming the tested resistance and adding to the positions if the 1440 became the resistance
Elliott Wave: Same - The patterns above 1440 are corrective so expect new highs
Strategy:

US Spot Silver 2390
Technical Analysis: SG2 2380|2372|2365 as resistance creates the short trade, adding to the trade when the midpoint 1350 becomes the tested resistance. Any long trade would require 2400 as the tested support and the top of SG1 2430 as support of the lift higher

Oil WTI 96.20
Technical Analysis: The 96.50 is the 50% between 95 and 98 minorlevels and the 96.50 always has a say, long trades would also need to have this as tested support. Other subtle price points apart from the 98 are 9720 and 9772 plus the normal sublevels.  While the 95 is support the market is supported and the bias is higher to 98 the next level, also as mentioned the other day there is a daily trendline of resistance at these current highs.  The 95 as resistance creates the bearish bias for shorts especially with a higher USD which we are expecting.

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.32-
US Nickel:             Last: 6.92+
US Zinc:                Last: 0.83-
US Aluminium       Last: 0.83-

US Copper CFD 336
Wave 5) of C to 340… The support is 330 the top of minor group1. We are looking for five waves up to the 340 area so a top can now be in place. At minimum expect and 5-3-5 lower into 330.. Expect some sort of top in the materials sector XMJ into 9800, the same for BHP across 34.00 and RIO at current highs

Forex

US Dollar CFD 82.80
TradingLevels:  The strong move up obviously confirms the Wave (iii) is under way to make new highs, which in turn creates the short for the Euro. The USD, bonds and notes are not really in line together and this is a bit of a concern, but we will stay with the current wave count on the dollar as its unfolding reasonably accurately, but just be mindful correlations aren’t supportive.  

EURUSD 1.3020
TradingLevels: The top of minor group1 1.30 should soon become the resistance, which creates the first bearish stage. While the USD is working 83.00 the top of Minor Group1 the Euro will also be working through its Group1 1.30 Expect a corrective bounce off 1.30
Elliott Wave: Wave iii) of 3
Trading Strategies: Longer term short. The short term requires understanding of the current structure of the impulse wave down and the process of the market working around the 1.30, once the five waves down are completed expect a shallow three wave abc retracement which would be a good short trade set up or the trend trader could sell positions at a variety of price point spreading the risk over time and space

AUDUSD 1.0080
TradingLevels: Expect moves below 1.00
Elliott Wave: Wave iii low forming, expect wave iv back into 101 and then down
Trading Strategies: Continue to look for shorts, especially in the NYSE session

Indices

DJI CFD 15,080
TradingLevels:  15,100 (mTL1) as resistance would send the market back to 15,000, support on 15,100 would see the market at 15,200, so you need to recognise what is tested support and tested resistance, the volume can help with this.
Elliott Wave: Wave (iii) high in place, so expect  Wave (iv) retracement into 15,000
Trading Strategies: Is a 50/50 bet of the market retesting 15,000 from the 15,100, but we are looking for the top of wave (iii) and the Euro is moving lower while the USD is moving higher, but the bonds and  notes aren’t correlation very well with the USD over the last few weeks, so something is a drift. Trade what you see from a sublevels point for view

S&P500 CFD 1627
TradingLevels: Its normal to see a corrective pattern across the top of SG1 1630 and we should allow it time to develop the 1630 as support or resistance. If the pivot the 1620 becomes the resistance then we will see a move lower to 1600, if support is found on 1630 then expect a move to 1640
Sentiment; the USD has moved higher confirming Wave three upwards and sending the Euro sharply lower, this can influence the top here, we were looking for the top of Wave (iii) at 1640, but the 1635 may have don’t the trick, any way the 1620 as support or resistance is the key to direction so work with that
Elliott Wave: an abc corrective pattern across 1630 that need to stay above 1620
Trading Strategies:  Long on the 1630 tested support and short from the tested resistance of 1620

FTSE 100 CFD 6585
TradingLevels: Expect corrective patterns at 6600
Elliott Wave: Wave (v) at 6600

DAX CFD 8245
TradingLevels: Support on 8300 the top of minor group1 would see 8500 as the target, that said we have to treat the move above 800 as the first high above the level and if the 8300 does not develop support then the market will fold back to 8000. Also the current move up in line with the FSTE is in  five waves that are in the later stages.

Shanghai Comp 2233
Expect a retest into 2200
China CFD 11,197
Corrective pattern playing out in three waves across 11,200


ASX 200 CFD 5196 
TradingLevels: The market is working through mTL2|5200 the corrective swing range is SG1 5230 and SG2 5172|5165 this zone will be corrective over the sessions ahead. The Cash market had a Doji bar on the daily equal buyers and sellers, this battle require a resolution so the give the 5200 time to play out don’t get caught in it too early
Elliott Wave: Wave iv vibrating across 5200 then Wave v of (v) of iii) 5230-50 area
Day Trading Strategy: If 5200 becomes the support trade long through SG1 to 5230 exit, if the 5230 becomes support move back in long, if not expect a larger correction back down across 5200

Technical Analysis Summary
All the global indices are in line with the current wave counts and there is further upside to come, in most case we are looking for the top of Wave (iii).
The USD is still in corrective mode, which is good for indices and commodities to move higher

Quote
"It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you're wrong."

Today's Financial Events
Australian Time AEST
11:30am          AUD    RBA Monetary Policy Statement
3:00pm            JPY     Economy Watchers Sentiment
4:00pm            EUR    German Trade Balance
10th-15th         EUR    German WPI m/m
6:00pm            EUR    Italian Industrial Production m/m
6:30pm            GBP    Trade Balance
Day 1              ALL     G7 Meetings
10:25pm          USD    FOMC Member Evans Speaks
10:30pm         CAD    Employment Change
                        CAD    Unemployment Rate
11:30pm         USD    Fed Chairman Bernanke Speaks
4:00am            USD    FOMC Member George Speaks
                        USD    Federal Budget Balance
Sat: Day 2      ALL     G7 Meetings

ASX Reporting & Dividends > CLICK

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Newcrest Mining Limited: ASX: NCM Elliott Wave

Date: 4 April 2013
Chart: Daily Chart
Technical Analysis
TradingLevels: 18.00 MinorLevel (mTL8) is the next supporting level, but only a minorlevel. The 16.50 and 15.00 are more meaningful as MediumLevels
Elliott Wave: The wave count is quite clean and simple in five waves unfolding lower
Trading Strategy: Hold Short

UK LSE CFD Trading - Open CFD Trades

NYSE CFD Trading - Open CFD Trades

Technical Analysis Daily CFD Trading Report  9 May

Dow Jones 15,105 +0.32% (6.30AM AEST)
SP500 1,632 +0.41%
NASDAQ 2,968 +0.52%
FSTE 6,583 + 0.40%
Base Metals positive
US Spot Gold 1470
US Spot Silver 2389
Oil WTI 96.50
US Copper CFD 336
EURUSD 1.3150
AUDUSD 1.0180
DJI CFD 15,090
S&P500 CFD 1632
FTSE 100 CFD 6592
DAX CFD 8251
Shanghai Comp 2246
China CFD 11,277
ASX 200 CFD 5216 

News
NEW YORK--Stocks continued to cruise higher as the Standard & Poor's 500-stock index reached for its fifth-straight record high.

Commodities

US Spot Gold 1470
TradingLevels The 1440 (144) is a solid support ,so long trades can place stops under the 1440 with the view of adding on support of 1472 and the target close to 1500. The USD is lower and still has a further to fall over the next session or two
Elliott Wave: The patterns above 1440 are corrective so expect new highs
Strategy: Long

US Spot Silver 2389
Technical Analysis: Much the same, support on 2400 creates long trades and 2372 as tested resistance creates short trades

Oil WTI 96.50
Technical Analysis: There is now tested support on mTL5|95.00 so the next target is mTL8|98.00 . Trade Long.

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.33+
US Nickel:             Last: 6.89+
US Zinc:                Last: 0.84+
US Aluminium       Last: 0.84+

US Copper CFD 336
Wave 5) of C to 340… Expect BHP and RIO etc. to climb higher, start counting five waves from their lows and trade long

Forex

US Dollar CFD 81.93
TradingLevels:  The abc is not completed and the pivot within SG1 the 82.20 as resistance is the point of recognition. The move down is Wave c in five waves that aren’t completed.  The retest of 82 is Wave 4) of c of (ii) of course the last low at 81.35 must stay in place otherwise there would be a move down to 80, as the 82 is the pivot in Minor Group1.  This market needs the 82.00 as support to stay bullish it’s that simple.

EURUSD 1.3150
TradingLevels: The 1.32 must stay in place as resistance for the current pattern to remain bearish and the move up as a corrective bear rally.
We also have to remember that the market is above the top of minor group1 the 1.30 which is supporting the market.  The 131|132|133 is subgroup1 and in SG1 the 132 is the pivot, so while the market is under the 132 it’s a bearish bias.
The Subgroup is one lesser degree of the Minor group, the minorlevel is stronger than the sublevel, so it’s all about degrees of structure and the structure you trade within using the market testing a price level to trade from as support or resistance, the Elliott can help with the direction, but trade from a tested price point.
Elliott Wave: As long as the 132 stays in place we can look at this rally as wave c of 2
Trading Strategies: Allow the market time at the midpoint 13150 to develop as support or resistance and use that to trade in either direction.

AUDUSD 1.0180
TradingLevels: The 102 resistance is holding…
Elliott Wave: A larger Wave iv at 102, expect new lows..
Trading Strategies: Short..

Indices

DJI CFD 15,090
TradingLevels:  15,100 resistance, the fist minorlevel (mTL1) above the mediumlevel 15,000 (ML15)
Elliott Wave: Expect a reaction at 15,100 and abc corrective pattern and if support if found after a corrective pattern, trade long of the 15,100 tested support to 15,200
Trading Strategies: Wait for support on mTL1|15,100 and build a long trade through SG1 of mTL1 with the 15,200 as the target or SG2 15,172

S&P500 CFD 1632
TradingLevels: 1630 is the top of SG1, if support is found on 1630 then the 1650 is the target. That said expect a corrective pattern across 1630 and then look for tested support
Elliott Wave: Looking for the top of Wave (iii)
Trading Strategies:  The target is higher at 1650 so it all depends on the degree of structure you’re trading. The 1630 as support after a corrective pattern is the key to the upside and its expected, so if you have been long from lower levels such as SG2 or 1600 then hold long through the Wave (iv) corrective process and look to add to the trade into Wave (v)

FTSE 100 CFD 6592
TradingLevels: Expect a reaction at 6600, if after the reaction / correction pattern the market gains support on 6600 trade long building the trade through SG1 of 6600 that is 6610|6620|6630. The FSTE is also facing trendline resistance at 6600 from the 2000 and the 2007 and 2008 highs, the Dax has broken its highs, so perhaps the FSTE will tag along..
Elliott Wave: Wave (v) at 6600

DAX CFD 8251
TradingLevels: This market has made new all-time highs above the 2000 high, which is a sing of more to come..

Shanghai Comp 2246
Same - Establishing the lows.. expecting a move upwards
China CFD 11,277
Target 11500 mediumlevel, trading look for tested support on 11300


ASX 200 CFD 5216 
TradingLevels: The classic tradinglevels pattern is at 5200 as support in the first instance, there can be another pattern like this but larger across 5200. The second step is to develop support on top of SG1 5230 which would get the price to 5250 as the target, if the 5230 fails as support then it’s back to 5200
Expect
Elliott Wave: Wave (iv) is completed and the move up is on higher volume confirming the price action. Wave (v) up into new highs
Day Trading Strategy: Wednesday can be the V shape intraday pattern with Thursday as the bear day, so caution is required. The 5150 is he support to work from and the 5165|5172|5180 is the resistance.

Technical Analysis Summary
All the global indices are in line with the current wave counts and there is further upside to come, in most case we are looking for the top of Wave (iii).
The USD is still in corrective mode, which is good for indices and commodities to move higher

Quote
Always trade from the testing of price using the volume to confirm the price action

Today's Financial Events
Australian Time AEST
8:45am            NZD    Employment Change q/q
                        NZD    Unemployment Rate
11:30am          AUD    Employment Change
                        AUD    Unemployment Rate
                        CNY    CPI y/y
                        CNY    PPI y/y
9th-15th           CNY    New Loans
9th-15th           CNY    M2 Money Supply y/y
3:00pm            JPY     Leading Indicators
All Day                        CHF    Bank Holiday
All Day                        EUR    French Bank Holiday
All Day                        EUR    German Bank Holiday
6:00pm            EUR    ECB Monthly Bulletin
6:30pm           GBP    Manufacturing Production m/m
                        GBP    Industrial Production m/m
Tentative        EUR    Spanish 10-y Bond Auction
9:00pm           GBP    Asset Purchase Facility
                        GBP    Official Bank Rate
Tentative        GBP    MPC Rate Statement
10:30pm          CAD    NHPI m/m
                        USD    Unemployment Claims
12:00am          GBP    NIESR GDP Estimate
                        USD    Wholesale Inventories m/m
12:30am          USD    Natural Gas Storage
3:00am            USD    30-y Bond Auction

ASX Reporting & Dividends > CLICK

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Technical Analysis Daily CFD Trading Report 10 May

Dow Jones 15,082 -0.15% (6.40AM AEST)
SP500 1,626 -0.37%
NASDAQ 2,961 -0.24%
FSTE 6,592 + 0.14%
Base Metals Mixed
US Spot Gold 1464
US Spot Silver 2390
Oil WTI 96.20
US Copper CFD 336
US Dollar CFD 82.80
EURUSD 1.3020
AUDUSD 1.0080
DJI CFD 15,080
S&P500 CFD 1627
FTSE 100 CFD 6585
DAX CFD 8245
Shanghai Comp 2233
China CFD 11,197
ASX 200 CFD 5196 


News
USD moves higher placing pressure firstly on FX pairs then stocks then commodities

Commodities

US Spot Gold 1464
TradingLevels The SG2 1472 is the line in the sand for being long or short and using the other SubLevels within SG2 for adding positions to the trade. That said the market is traveling sideways in the SG2 to 1440 trading range and it appears that another high can be made to 1500 before the rally is completed, but as mentioned you would need the 1472 as a solid retest of support before being long. The other bearish set would be the midpoint 1450 becoming the tested resistance and adding to the positions if the 1440 became the resistance
Elliott Wave: Same - The patterns above 1440 are corrective so expect new highs
Strategy:

US Spot Silver 2390
Technical Analysis: SG2 2380|2372|2365 as resistance creates the short trade, adding to the trade when the midpoint 1350 becomes the tested resistance. Any long trade would require 2400 as the tested support and the top of SG1 2430 as support of the lift higher

Oil WTI 96.20
Technical Analysis: The 96.50 is the 50% between 95 and 98 minorlevels and the 96.50 always has a say, long trades would also need to have this as tested support. Other subtle price points apart from the 98 are 9720 and 9772 plus the normal sublevels.  While the 95 is support the market is supported and the bias is higher to 98 the next level, also as mentioned the other day there is a daily trendline of resistance at these current highs.  The 95 as resistance creates the bearish bias for shorts especially with a higher USD which we are expecting.

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.32-
US Nickel:             Last: 6.92+
US Zinc:                Last: 0.83-
US Aluminium       Last: 0.83-

US Copper CFD 336
Wave 5) of C to 340… The support is 330 the top of minor group1. We are looking for five waves up to the 340 area so a top can now be in place. At minimum expect and 5-3-5 lower into 330.. Expect some sort of top in the materials sector XMJ into 9800, the same for BHP across 34.00 and RIO at current highs

Forex

US Dollar CFD 82.80
TradingLevels:  The strong move up obviously confirms the Wave (iii) is under way to make new highs, which in turn creates the short for the Euro. The USD, bonds and notes are not really in line together and this is a bit of a concern, but we will stay with the current wave count on the dollar as its unfolding reasonably accurately, but just be mindful correlations aren’t supportive.  

EURUSD 1.3020
TradingLevels: The top of minor group1 1.30 should soon become the resistance, which creates the first bearish stage. While the USD is working 83.00 the top of Minor Group1 the Euro will also be working through its Group1 1.30 Expect a corrective bounce off 1.30
Elliott Wave: Wave iii) of 3
CFD Trading Strategies: Longer term short. The short term requires understanding of the current structure of the impulse wave down and the process of the market working around the 1.30, once the five waves down are completed expect a shallow three wave abc retracement which would be a good short trade set up or the trend trader could sell positions at a variety of price point spreading the risk over time and space

AUDUSD 1.0080
TradingLevels: Expect moves below 1.00
Elliott Wave: Wave iii low forming, expect wave iv back into 101 and then down
Trading Strategies: Continue to look for shorts, especially in the NYSE session

Indices

DJI CFD 15,080
TradingLevels:  15,100 (mTL1) as resistance would send the market back to 15,000, support on 15,100 would see the market at 15,200, so you need to recognise what is tested support and tested resistance, the volume can help with this.
Elliott Wave: Wave (iii) high in place, so expect  Wave (iv) retracement into 15,000
Trading Strategies: Is a 50/50 bet of the market retesting 15,000 from the 15,100, but we are looking for the top of wave (iii) and the Euro is moving lower while the USD is moving higher, but the bonds and  notes aren’t correlation very well with the USD over the last few weeks, so something is a drift. Trade what you see from a sublevels point for view

S&P500 CFD 1627
TradingLevels: Its normal to see a corrective pattern across the top of SG1 1630 and we should allow it time to develop the 1630 as support or resistance. If the pivot the 1620 becomes the resistance then we will see a move lower to 1600, if support is found on 1630 then expect a move to 1640
Sentiment; the USD has moved higher confirming Wave three upwards and sending the Euro sharply lower, this can influence the top here, we were looking for the top of Wave (iii) at 1640, but the 1635 may have don’t the trick, any way the 1620 as support or resistance is the key to direction so work with that
Elliott Wave: an abc corrective pattern across 1630 that need to stay above 1620
Trading Strategies:  Long on the 1630 tested support and short from the tested resistance of 1620

FTSE 100 CFD 6585
TradingLevels: Expect corrective patterns at 6600
Elliott Wave: Wave (v) at 6600

DAX CFD 8245
TradingLevels: Support on 8300 the top of minor group1 would see 8500 as the target, that said we have to treat the move above 800 as the first high above the level and if the 8300 does not develop support then the market will fold back to 8000. Also the current move up in line with the FSTE is in  five waves that are in the later stages.

Shanghai Comp 2233
Expect a retest into 2200
China CFD 11,197
Corrective pattern playing out in three waves across 11,200


ASX 200 CFD 5196 
TradingLevels: The market is working through mTL2|5200 the corrective swing range is SG1 5230 and SG2 5172|5165 this zone will be corrective over the sessions ahead. The Cash market had a Doji bar on the daily equal buyers and sellers, this battle require a resolution so the give the 5200 time to play out don’t get caught in it too early
Elliott Wave: Wave iv vibrating across 5200 then Wave v of (v) of iii) 5230-50 area
Day Trading Strategy: If 5200 becomes the support trade long through SG1 to 5230 exit, if the 5230 becomes support move back in long, if not expect a larger correction back down across 5200

Technical Analysis Summary
All the global indices are in line with the current wave counts and there is further upside to come, in most case we are looking for the top of Wave (iii).
The USD is still in corrective mode, which is good for indices and commodities to move higher

Quote
"It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you're wrong."

Today's Financial Events
Australian Time AEST
11:30am          AUD    RBA Monetary Policy Statement
3:00pm            JPY     Economy Watchers Sentiment
4:00pm            EUR    German Trade Balance
10th-15th         EUR    German WPI m/m
6:00pm            EUR    Italian Industrial Production m/m
6:30pm            GBP    Trade Balance
Day 1              ALL     G7 Meetings
10:25pm          USD    FOMC Member Evans Speaks
10:30pm         CAD    Employment Change
                        CAD    Unemployment Rate
11:30pm         USD    Fed Chairman Bernanke Speaks
4:00am            USD    FOMC Member George Speaks
                        USD    Federal Budget Balance
Sat: Day 2      ALL     G7 Meetings

ASX Reporting & Dividends 

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

TradingLounges Daily CFD Trades  1 - 5 Days

QBE Insurance Group Limited ASX: QBE Elliott Wave
Date: 13 May 2013
Chart: Daily Chart
Technical Analysis
TradingLevels: Expect a corrective pattern at the Mediumlevel ML15| 15.00
Elliott Wave: Wave iv) across 15.00 then Wave v) of 5 continuing higher.  The next level is also a MediumLevel at 16.50 expect a corrective pattern there also but larger.
Trading Strategy: Long with stop under 13.50

Contracts for Difference CFDs Trading Report  8 May

Contracts For Difference
Dow Jones 15,056 +0.58% (6.40AM AEST)
SP500 1,625 +0.50%
NASDAQ 2,952 -0.08%
Base Metals Mixed
US Spot Gold 1448
US Spot Silver 2388
Oil WTI 95.60
US Copper CFD 329
US Dollar CFD 82.32
EURUSD 1.380
AUDUSD 1.0180
DJI CFD 15,050
S&P500 CFD 1625
FTSE 100 CFD 6571
DAX CFD 8183
China CFD 11,156
ASX 200 CFD 5166

News
The Dow Jones Industrial Average climbed Tuesday to its first finish above the 15000 level, notching another landmark on the market's four-year-long record run.
Encouraging economic reports from outside the U.S. and new highs on Germany and Japan's stock markets helped send the blue-chip Dow industrials up 87.31 points, or 0.58%, to 15056.20, a new record high.

Commodities

US Spot Gold 1448
TradingLevels The market has dropped out of SG2 1480|1472|1465, retesting 1472 and 1465 perfectly and now the market is working through the midpoint 1450
Elliott Wave: An impulse wave lower is developing but not confirmed. A series of waves fours and fives should develop lower from the 1450 down into the 1440 (144)
Strategy: If your short from the resistance at SG2 then hold short and look for the 1450 to be tested as the resistance and the market should work lower to 1430 as Wave iii or c. Expect bounces off 1440 and 1430 the top of SG1. Support on 1450 would see a rally back to 1465, but as it stands now the pattern at 1450 is in three waves that is corrective and should work lower

US Spot Silver 2388
Technical Analysis: The market needs to find the 2400 as resistance to remain bias bearish. The move up from the last low towards 2400 appears to be in five waves, which would see the market at 2400. If the 2372 becomes the resistance then short

Oil WTI 95.60
Technical Analysis: Even though there is a daily trendline resistance and the wave count would suggest a top, when it comes to trading short we require the 95 as tested resistance not support

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.27-
US Nickel:             Last: 6.83+
US Zinc:                Last: 0.83-
US Aluminium       Last: 0.83-

US Copper CFD 329
Wave c can be complete at 334, however the 330 must become the resistance, if not and the 330 develops support then the Wave 5) of C is not competed and we would then see a move above 335

Forex

US Dollar CFD 82.32
TradingLevels:  The abc is completed and further upside is expected, look for support on top of SG1 8230.

EURUSD 1.380
TradingLevels: The battle of 1.30 being support or resistance is maturing with the outcome looking as resistance for lower levels
Elliott Wave: Count five waves down from the last high 13130 which should take the market to 13065|60, this would be followed by an abc rally retest to 131 and then down from there making new lows, the 131 abc retest is the set up for shorts
Trading Strategies: Understand the Elliott count above too short with the view of adding to short once the 13072 is the tested resistance

AUDUSD 1.0180
TradingLevels: Expect resistance at 102
Elliott Wave: Wave 4) retest into 1.02 followed by Wave 5) of iii lower
Trading Strategies: Short term traders look for a solid resistance at 102 for a move lower as Wave v, just remember that the retest into 102 is Wave iv and wave fours can get complicated so wait and look for a good few retests at 102 and use Group2 10180|10172|10165 especially the 10172

Indices

DJI CFD 15,050
TradingLevels:  15,100 is the resistance and from around this area there will be a retest of 15,000 as Wave (iv)
Elliott Wave: Wave v of (iii) is maturing, once completed a move back to the 15,000 as Wave (iv) which would take a good few days before Wave (v) begins to the 15,200 – 15,300.
Trading Strategies: Wave v of (iii) is maturing above 15,050, once competed expect a move back to 15,000, the top of Wave v of (iii) can be at 15,050 or SG2 (65|72|80) I suggest trade the sublevels as tested support and resistance

S&P500 CFD 1625
TradingLevels: Still expecting a larger corrective pattern at 1620, just waiting for the high to develop.
Elliott Wave: Approaching the top of Wave v of (iii) either at 1625 or 1630, this would be followed by a move back to 1620 -1615 as Wave (iv) another buying opportunity for Wave (v) up towards the mediumlevel 1650
Trading Strategies:  Looking for a top of Wave iii 1628 - 1633

FTSE 100 CFD 6571
TradingLevels: Should be long off the top of SG1 6530 support with the exit at 6572 SG2
Elliott Wave: Looking for Wave v to complete 6572 - 6600

DAX CFD 8183
TradingLevels: Looking for Wave v top just above 8200

Shanghai Comp 2235
Same - Establishing the lows.. expecting a move upwards
China CFD 11,156
Expect a larger corrective pattern at 11,172 – 11,200 that said the MediumLevel is higher at 11,500. The trend up is still within the trend channel.


ASX 200 CFD 5166 
TradingLevels: On the daily cash yesterday there was volume support which came from the RBA headlines. But it doesn’t move the fact that the pattern over May is corrective and once completed further upside would occur, the tricky bit is when. The 5150 is a balance line of support, if long above this then add when the 5172 is tested support.
Elliott Wave: abc flat correction as Wave (iv) completed?
Day Trading Strategy: Wednesday can be the V shape intraday pattern with Thursday as the bear day, so caution is required. The 5150 is he support to work from and the 5165|5172|5180 is the resistance.

Technical Analysis Summary
US and European Indices are moving higher with our wave counts as matured Wave (iii), so we can expect a Wave (iv) moving down in the session or two.
We are also expecting tops in the base metals and are now seeing softer precious metals that could be developing impulse structure down, they are not there yet but if they display the impulse wave (five waves) then we will see new lows in gold and silver.
We are also now seeing the development /possibility of an higher USD which in turn will place pressure on commodities and stock, plus the Euro, which is developing resistance at 1.30 for shorts.  The AUDUSD wave count has been on track and is now seeing a retest of 102 as wave four with new lows expected as we approach 1.00 (TL1)
The banks are still leading to the upside and when looking at the US banks there is more to travel as ours will tag along, so stay long.  

Quote
"When I'm bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don’t buy long stock on a scale down, I buy on a scale up." Jesse Livermore

Today's Financial Events
Australian Time AEST
7:00am            NZD    RBNZ Financial Stability Report
9:01am            GBP    BRC Retail Sales Monitor y/y
Tentative        CNY    Trade Balance
All Day                        EUR    French Bank Holiday
5:15pm           CHF    CPI m/m
8:00pm            EUR    German Industrial Production m/m
10:15pm          CAD    Housing Starts
10:30pm          USD    FOMC Member Stein Speaks
12:30am          USD    Crude Oil Inventories
3:00am            USD    10-y Bond Auction

Contracts For Difference Technical Report

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Elliott Wave Daily CFDs Report 7 May

Dow Jones 14,968 -0.03% (6.40AM AEST)
SP500 1,617 +0.17%
NASDAQ 2,955 +0.37%
Base Metals Steady
US Spot Gold 1469
US Spot Silver 2400
Oil WTI 96.00
US Copper CFD 329
US Dollar CFD 82.35
EURUSD 1.3076
AUDUSD 1.0250
DJI CFD 14,965
S&P500 CFD 1618
FTSE 100 CFD 6533
DAX CFD 8120
China CFD 10,972
ASX 200 CFD 5175 

News
NEW YORK - Stocks edged higher in afternoon trading, with gains led by financial shares

Commodities

US Spot Gold 1469
TradingLevels While the market is in SG2 1480|1472|1465 it’s supported and another high to 1500 is forecasted. The 1465 as tested resistance creates the first weakness, technically using Elliott the last low is the point of weakness 1440. So basically we still have to give the market time to see if it will test 1500
Elliott Wave: Intraday the market is having sharper moves down and slower moves up in the rallies meaning sellers are in control.
Strategy: Intraday the market is retesting 1472 where it can fail, using 1468 as tested resistance could help with a short term short. Only having support on 1472 would create longs.

US Spot Silver 2400
Technical Analysis: Sliver can test lower to SG2 2380|2372|2365 the 50/62% retracement level of the last move up. A failed retest at 2400 is the initial point of weakness

Oil WTI 96.00
Technical Analysis: The high just above 97.00 is the resistance from a daily trendline. The bounce off 95.00 would be expected and would challenge the supply levels at 96.00 and 96.50.  The 96.50 as support would see new highs. Trading; the market is correcting across 96.00 within the SG1 and SG2 range which is normal, so after the pattern / battle at 96.00 look for support for longs or SG2 for shorts

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.29+
US Nickel:             Last: 6.85+
US Zinc:                Last: 0.84+
US Aluminium       Last: 0.83+

US Copper CFD 329
Same - Wave (c) up from 305 in five waves to roughly 335. Currently at the top of Wave iii, with Wave iv retracement ready to pull back from 330 to 325 the 38.2% retracement level.

Forex

US Dollar CFD 82.35
TradingLevels:  It’s possible to count five waves up and as long as the market stays above SG2 8180|8172|8165 the impulse wave can continue to build higher.  Expect a move to SG2 8272 then a correction in three waves that should stay above 82.00

EURUSD 1.3076
TradingLevels: The 1.30 is likely to be tested again, use the 72 and 50 as tested resistance to manage short trades
Elliott Wave: The pattern is bias lower. The rally into group2 (80|72|80) is likely corrective as wave four. Expect bounces off 13050 and then next level 10330. The USD is showing signs of an impulse wave upwards which helps confirm the downside for the Euro, however  this is not in line with US stock.
Trading Strategies: If the 13072 becomes the resistance next time then short, expect a bounce off the midpoint 13050

AUDUSD 1.0250
TradingLevels: The RBA rate announcement today and we certainly did not see the rally into it in the last two sessions, but we have seen the Elliott Wave count unfolds spot on.
Elliott Wave: counting five waves down from the last abc Wave ii high, currently the Wave 3) low around the 1.0220 and Wave 4) rally (38.2% 10255) retesting the wave four of one lesser degree 1.0258. The rally could be tricky as the Trade figures are at 11.30Am and the RBA Rate announcement at 2.30PM so the market will be partly headline driven. If the Elliott count is to unfold then a new low after the Wave 4) rally lower into the 102 zone ready for an abc rally 50/62% of the move down from the last Wave ii high, which would be roughly the 10272
Trading Strategies: Opportunity and danger with two announcements today. If you’re not trading the announcements, then wait for the market to complete the five waves down into 102 and then wait for the abc bounce back to 10272 and then short from there.

Indices

DJI CFD 14,965
TradingLevels:  It’s only natural to expect resistance at 1500 (ML15 MediumLevel)
Elliott Wave: Same - Wave iii of (iii) to 15000. Wave iv now unfolding across 15000 followed by Wave v higher to 15,100 approx.
Trading Strategies: Wave iv is still unfolding and can retrace to 14,900 roughly the 38.2% wave four retracement

S&P500 CFD 1618
TradingLevels: The 1620 is close to the top of the current five waves up from 1580 that we have been counting so expect a reaction here, that said the market is still impulsing upwards and support on tested support on 1620 would set the target at 1630 the top of The SG1 1610|1620|1630. Where we count expect a larger Wave (iv) corrective pattern
Elliott Wave: Expect a intraday abc pattern across 1620.
Trading Strategies:  Wait for tested support on 1620 before being long

FTSE 100 CFD 6533
TradingLevels: If the 6530|20 support fails expect the market back testing 6500
Elliott Wave: Wave iv can unfold back closer into 6500 as the test.

DAX CFD 8120
TradingLevels: Wave iv unfolding back in to 8,100 in line with the other indices. Once completed look for support on top of SG1 8130 for longs

Shanghai Comp 2231
Establishing the lows..
China CFD 10,972
Counting the impulse wave up from the last low around the 10100 which should take the market to 11,100 followed by an abc corrective pattern into the support 10800 – 10900 and then new highs


ASX 200 CFD 5175 
TradingLevels: The market is at a precarious point of being positive or negative, the SG2 can be used as the line in the sand the 5180|5172|5165 with the 5172 being the pivot as support or resistance. If the market fails to hold the SG2 as support then its in corrective mode with the next support being tested the midpoint 5150, if this becomes the resistance then a large corrective pattern is unfolding as Wave (iv)
Elliott Wave: On the ASX200 cash market the top of Wave (iii) at 5200 is in place and Wave (iv) unfolding. The CFD over the last two sessions is losing its impulse wave structure up and displaying corrective structures.
Day Trading Strategy: Allow the market time to develop around 5172.  The Trade figures are out at 11.30AM and RBA announcement 2.30PM

Technical Analysis Summary
profit taking Tuesday mornings is the norm. We can also expect further resistance for the US market with the DJ at 15000 and the SP5001620.  ASX200 was up yesterday but sellers took control, so there are sellers and we should expect corrective price action. Finance lead the US markets higher in the last session, so our banks should find support today.

Quote
...markets are a function of human behavior and that the motives of human beings can be characterized by a certain structure.

Today's Financial Events
Australian Time AEST
8:45am            NZD    Labor Cost Index q/q
9:01am            GBP    BRC Shop Price Index y/y
9:30am            AUD    AIG Construction Index
11:30am          AUD    Trade Balance
                        AUD    HPI q/q
2:30pm           AUD    Cash Rate
                        AUD    RBA Rate Statement
3:45pm            CHF    SECO Consumer Climate
                        CHF    Unemployment Rate
4:45pm            EUR    French Industrial Production m/m
                        EUR    French Gov Budget Balance
                        EUR    French Trade Balance
5:00pm           CHF    Foreign Currency Reserves
8:00pm            EUR    German Factory Orders m/m
12:00am          USD    IBD/TIPP Economic Optimism
5:00am            USD    Consumer Credit m/m
6:00am            USD    Treasury Sec Lew Speaks


ASX Reporting & Dividends >

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Technical Analysis Daily CFD Trading Report  6 May

Dow Jones 14,973 +0.96%
SP500 1,614 +1.05%
NASDAQ 2,944 +1.15%
Base Metals Positive
US Spot Gold 1470
US Spot Silver 2410
US Copper CFD 330
US Dollar CFD 82.12
EURUSD 1.3113
AUDUSD 1.0316
DJI CFD 14,960
S&P500 CFD 1613
FTSE 100 CFD 6529
DAX CFD 8118
China CFD 10,991
ASX 200 CFD 5188 

News
Stocks rallied to record highs, briefly sending the Dow industrials above 15000 and pushing the S&P 500 past 1600, after April job growth data handily beat expectations.

The Dow Jones Industrial Average rose 142.38 points, or 1%, to 14973.96, after touching an all-time intraday high of 15009.59.

The Standard & Poor's 500-stock index, meanwhile, smashed through the 1600-point level, 13 years after it surpassed 1500. The index rose 16.83 points, or 1.1%, to 1614.42. The Nasdaq Composite Index climbed 38.01 points, or 1.1%, to 3378.63.

A Labour Department report showing the U.S. added 165,000 jobs last month bolstered stock-market bulls' argument that the economy continues to recover steadily, to the benefit of companies' earnings and share prices. A handful of shaky economic reports had cast doubt on that view recently, including disappointing payrolls data last month and a weak reading on April's private-sector job growth Wednesday.

Commodities

US Spot Gold 1470
TradingLevels The NFP didn’t do any favours for the precious metals.  Now the retest of the last highs will be an important element in the next direction. That is, support on SG2 1465|1472|1480 or not, with the1472 being the most important and the other two levels for adding to positions
Elliott Wave: Technically there was a new intraday high to create the Wave (iv) high of the rally, but we should just sit and wait and see what side of SG2 the market sits.  The sharp move down appears to be in three waves which is corrective, a drop under 1460 would create five waves down.
Strategy: All the market to settle after the NFP figures. That said support on 1472 creates longs and 1465 as tested resistance creates shorts

US Spot Silver 2410
Technical Analysis: Support on 2400 creates the long trade.

Oil WTI 95.46
Technical Analysis: Expect a retest / corrective pattern back into 95.00 then a move higher to 96.00 – 96.50 this would play out as the Wave iv back into 95.00 and Wave v higher. The minorlevels are 95 and 98 with the 100 as the MajorLevel and this is the larger retest which would be in line with stock moving higher

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.29+
US Nickel:             Last: 6.85+
US Zinc:                Last: 0.84+
US Aluminium       Last: 0.83+

US Copper CFD 330
Wave (c) up from 305 in five waves to roughly 335. Currently at the top of Wave iii, with Wave iv retracement ready to pull back from 330 to 325 the 38.2% retracement level.

Forex

US Dollar CFD 82.12
TradingLevels:  The move up from 81.35 is being treated as wave one, but there is still a small chance it can be wave four of the five waves we are tracking down as Wave (c) That said the bias is wave one and further upside which places the Euro to the downside, which of course is not correlation with the US Indices, these matters will becomes clear in another few sessions and we can simply use the 82.00 as support or resistance to help decide this, that said time is also require for the market at 82.00 of course the sublevels SG1 above 82.00 and SG2 below 82.00 is the corrective trading range, so 81.72 as resistance creates the bias lower and support on top of SG1 82.30 creates the upside.  The upside would move quite swiftly if that was the direction as it would be a wave three.

EURUSD 1.3113
TradingLevels: The move down from the last high cannot be confirmed as bearish or bullish just yet.
Elliott Wave: The current move down from 1.3242 can be counted as abc or 1,2,3,4, so we cannot confirm if the Wave 2 high is in place yet. A move above 13150 would confirm the abc and a bullish market
CFD Trading Strategies: Allow time the 131 to be tested as support or resistance. Long would require the 1.3130 as support.

AUDUSD 1.0316
TradingLevels: The RBA rate announcement is Tue. Buy the rumour sell the fact.
Elliott Wave: The abc rally as Wave ii should last until the RBA Rate at 2.30 PM Tue.
Trading Strategies: You have to move with the RBA announcement. And work with the group1 of 103

Indices

DJI CFD 14,960
TradingLevels:  15,000 is a mediumlevel (ML15) expect the tradinglevels classic pattern across this level. That is the arrival at ML15 the reaction, the support and then the first high above the level (15,100?) and then a larger corrective pattern back down into 15,000.
Elliott Wave: Wave iii of (iii) to 15000. Wave iv now unfolding across 15000 followed by Wave v higher to 15,100 approx.
Trading Strategies: Day traders, wait for support on 15,000 and trade up to around 15,100 exit.

S&P500 CFD 1613
TradingLevels: I was expecting the market to work through 1600 and then higher in line with the NFP and 1600 however the NFP were expected at 138K but ended up at 165K which created the Wave iii higher. The SG1 1610|1620|1630 will slow the uptrend; support on 1630 would see the market at 1650. It’s normally fir the first high above 1600 to fail to find support on 1630 the first time round and is likely to see a retest of 1600, however support on 1630 does create the long from that area.
Elliott Wave: The Wave structure should take the market to 1630, the current high as Wave iii and wave iv across 1610 or 1620
Trading Strategies:  buy pull backs of tested supports

FTSE 100 CFD 6529
TradingLevels: The first high above the level (mediumlevel ML65|6,500) is being created, once completed expect a move back to 6500 – 6350 as a corrective pattern
Elliott Wave: count five waves up from 6407 to 6550+ to get the high

DAX CFD 8118
TradingLevels: Start counting five waves from just below 7900 which should take the market higher closer to 8200

Shanghai Comp
China CFD 10,991
The 1100 target is nearly reached, but expect further highs.  Trading, look for tested support on 11,000 with the next target at 11,100


ASX 200 CFD 5188 
TradingLevels: Next level is minorlevel mTL2  5,200 which is the pivot with MinorGroup1 but it is the support on 5,300 the top of group1 that would then set the target for 5,500
Elliott Wave: Wave iii of (v)
Day Trading Strategy: buy pullbacks into SG2 5180|5172 with the expectations of the market moving higher 5200 where you can expect another corrective pattern.

Technical Analysis Summary
Global indices are at the top of a wave iii and correcting into wave iv now once completed then Wave v higher, so it’s just a matter of navigating the sublevels for all indices.
The AUDUSD is rising on buy the rumour sell the fact on Tue with the RBA rates meeting at 2.30PM, this rally equates to abc rally as Wave ii.
Base metals are also in line with Indices in the current five waves up that are not completed, so markets are still in the weekly bullish cycle with Monday following Friday and profit taking on Tue morning  

Quote
Avoid processing more information than you can digest, it is better to know less and understand more.

Today's Financial Events
Australian Time AEST
All Day           JPY     Bank Holiday
10:30am         AUD   MI Inflation Gauge m/m
11:30am        AUD   Retail Sales m/m
                        AUD   ANZ Job Advertisements m/m
5:00pm           EUR   Spanish Unemployment Change
6th-9th                       GBP    Halifax HPI m/m
All Day                       GBP    Bank Holiday
5:15pm           EUR   Spanish Services PMI
5:45pm           EUR   Italian Services PMI
6:00pm           EUR   Final Services PMI
6:30pm           EUR   Sentix Investor Confidence
7:00pm           EUR   Retail Sales m/m
10:30pm        CAD   Building Permits m/m
11:00pm        EUR   ECB President Draghi Speaks
12:00am        CAD   Ivey PMI
Tentative        USD   Loan Officer Survey

ASX Reporting & Dividends > 

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Elliott Wave Theory

The Elliott Wave Theory was developed by Ralph Nelson Elliott around 1930. Elliott first noted in the Dow, six degrees of trend that could improve upon the most popular theory of the day – the Dow Theory. Elliott could identify minor, medium and major turning points whereas the Dow Theory lacked this accuracy. The Elliott Wave has created rules for degrees of wave structures. These waves can also be explained in psychological terms. The mathematician Leonardo Fibonacci’s sequence of numbers – based on the golden mean or ratio – was added to Elliott Wave slightly later.
The Elliott Wave pattern is a simple five wave pattern, with a three wave counter trend. This pattern becomes a micro pattern building up over ten degrees to become macro. There is labelling for each particular degree and a set of rules that are applied to each wave structure and its prior and following structure. It is an ongoing building of structure following just three simple rules.
There is another set of applied guidelines and while they aren’t rules they do however carry a lot of weight in analysing the correct wave structure. I’d like to add a personal, important word here – important when using the Elliott Wave in a practical trading scenario – ‘perspective’. The wave structures need to have the right look and feel about them and you need to be able to connect with the per portion of each wave length, size and shape as they are connected via Fibonacci ratios. This knowledge takes time to develop and not many traders get to this understanding but the traders that do, will have a strong edge in understanding the psychological behavior of the market.
The per portions of each wave structure can be assessed also by the Fibonacci set of numbers as each wave whether its an impulse wave or a corrective wave 3 will have a high degree or probability relationship with one another via the Fibonacci numbers – based on the golden mean phi or ratio of 61.8

Take the Free Trial to see  Elliott Wave Analysis for Forex Commodities and Stocks

NYSE CFDs Trading

 Technical Analysis Daily CFD Trading Report 3 May

Dow Jones 14,825 +0.85% (5.30AM AEST)
SP500 1,597 +0.94%
NASDAQ 2,911 +1.32%
Base Metals Negative
US Spot Gold 1467
US Spot Silver 2380
Oil WTI 94.00
US Copper CFD 309
US Dollar CFD 82.27
EURUSD 1.3058
AUDUSD 1.0256
DJI CFD 14,830
S&P500 CFD 1597
FTSE 100 CFD 6463
DAX CFD 7969
ASX 200 CFD 5157 

News
European Central Bank President Mario Draghi opened a new front in the battle against the debt crisis after cutting the benchmark interest rate to a record low today

Commodities

US Spot Gold 1467
TradingLevels Support on SG2 1472 would see the market at 1500
Elliott Wave: The corrective pattern over the last week is just that corrective if the market develops support on 1472 either as Wave 4 or b, it’s more likely a wave b when looking at silver’s pattern
CFD Trading Strategy: Long on tested support of 1472 adding on 1480 with 1490 and 1500 as targets. On the flipside if the 1465 become the tested resistance, short and add when 1460 becomes the resistance with the target at 1450

US Spot Silver 2380
Technical Analysis: Support on 2400 creates the long trade and 2350 creates the short trade

Oil WTI 94.00
Technical Analysis: Brent has moved above 100 and WTI has bounced off the mediumlevel ML|90.00 it has bounced higher than expected, therefore we should treat it the same as gold and silvers pattern. The move up looks impulsive however it’s still in three waves and not five, of course it can certainly turn into five waves if it gets to 95.00 and probably will as the previous move down to 90 is only three waves.

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.09+
US Nickel:             Last: 6.63+
US Zinc:                Last: 0.82-
US Aluminium       Last: 0.80-

US Copper CFD 309
Intraday, the pattern at 310 appears to be in three waves, so its corrective, so further downside to 300 would be expected. The pattern at 310 can also double in size, keeping the market in this area for longer

Forex

US Dollar CFD 82.27
TradingLevels:  The sharp move up is either the end of the ABC Wave E or just the wave (iv), but looking at the Euro the bias is that the USD correction is over and new highs would be on the cards. 
But let’s allow the markets to settle from the comments of Draghi;
    Labour market conditions remain weak
    Short-term indicators signal weak activity
    Financial market improvements should begin to help real economy
    Economy should begin to slowly recover in the second half of the year
    Economic risks remain ‘on the downside’
    Says the ECB stands ready to act if needed

EURUSD 1.3058
TradingLevels: Expect a bounce off the 130
Elliott Wave: Draghi comments has skewed the Wave (iv) at 132 and may have created the top of Wave 2, we have to let the market settle and see if the 130 holds as support, this is the same in reverse for the USD. Also work out if the move down into 130 is five waves or three waves, as this will dictate the next direction, five waves down will see a bounce in three and then another five down, three waves down will see new highs.
Trading Strategies: Wait can count the waves down from the high to the low near 130.

AUDUSD 1.0256
TradingLevels: The rally is either to 10272 or 103 allow it time to play out
Elliott Wave: Wave i completed and wave ii is underway as an abc 5-3-5 corrective rally.
Trading Strategies: Looking to short once the abc wave ii rally is completed, just allow the market time today to run out of steam, you need to see the market have a good go at the 10272 or 103 and then find the 10272 as tested resistance. The Wave iii lower should be a good trade

Indices

DJI CFD 14,830
TradingLevels:  Expect a retest to 14,800.
The current move up will and is seeing resistance at the old highs, expect a smallish corrective pattern across 14,800 with 14,772 – 14750 as the supports. If support is found on 14800 then it’s got further highs.
Elliott Wave: There appears to be an impulse wave developing to the upside to the old highs. The NFP figures tonight can create the reaction at the old highs, but the reaction is expected as a corrective pattern
Trading Strategies: Either 14800 becomes the support to trade long or there is a reaction at these highs from the NFP and if the reaction is corrective and you can see the tested support at lower levels then trade low from there.

S&P500 CFD 1597
TradingLevels: Either way there will be a reaction at 1600, the question is after the reaction will the SP500 find support on 1600. Looking at the US banks the answer is yes.
Elliott Wave: Impulse wave developing from 1580 the 1600 expect an abc corrective pattern and then further upside
Trading Strategies:  Wait for the 1600 to become the tested support or buy the abc retracement

FTSE 100 CFD 6463
TradingLevels: The SP500 at 1600 is resistance like the FSTE at 6500 its resistance and these markets will take time to weave through these levels before developing support
Elliott Wave: Looking for further upside above 6500.  There is no strategy yet until the 6500 is the tested support as we rarely go long before a large number

DAX CFD 7969
TradingLevels: Touches on 8000, like the FSTE and the SP500 the Dax has to work through this level, look for the Classic tradinglevels pattern as the support and the right timing.

Shanghai Comp 2177 China Holidays this week
China CFD 10,896
Support on 10,800 (mTL8) will see the market higher into 11,000, but it’s the Mediumlevel 11,500 that would be the target


ASX 200 CFD 5157 
TradingLevels: Expect a retest of 5150 if this can find support then trade long or if the price just moves straight up look for support on SG2 especially the 5172
Elliott Wave: Is the Wave (iv) complete? If so it would need to stay above 5130 and new highs would be made
Day Trading Strategy: The current move up appears impulsive (five waves), so expect an abc retracement 50\62% 5140 and then look for support on 5150.  For the market to remain positive the market needs to stay above 5130, so keeping stops at 5127. The US indices are facing the possibility of softer ADP figures tonight and the SP500 has resistance at 1600.  The PPI Figure are out 11.30AM

Technical Analysis Summary
The non-farm payrolls is the main event in the next US trading session and the ADP figures on Wednesday would suggest softer numbers.
One of the important aspects in the markets is the USD, it has either got the low in place now or there is one more low to take place before we start seeing the USD move up which in turn will place pressure on markets. Draghi comments overnight created a spike in the markets making the wave count a little tricky to read for the USD and Euro, but if the Euro develops the 130 as resistance then you know the USD is going higher.

The Australian markets ASX200 and the Banks are in a wave four corrective pattern and once completed would see new highs, this is the same for the US banks

Quote
"Victorious warriors win first and then go to war, defeated warriors first go to war and then seek to win." Sun-Tzu (~400 BC)

Money management is that part of your system that answers the question “how much?” throughout the course of a trade.

Today's Financial Events
Australian Time AEST
9:30am            AUD    AIG Services Index
All Day                        JPY     Bank Holiday
11:00am          CNY    Non-Manufacturing PMI
11:30am          AUD    PPI q/q
6:30pm           GBP    Services PMI
7:00pm            EUR    EU Economic Forecasts
                        EUR    PPI m/m
10:30pm         USD    Non-Farm Employment Change
                        USD    Unemployment Rate
                        USD    Average Hourly Earnings m/m
12:00am          USD    ISM Non-Manufacturing PMI
                        USD    Factory Orders m/m
2:30am            USD    FOMC Member Tarullo Speaks
3:05am            CAD    BOC Gov Carney Speaks

ASX Reporting & Dividends > 

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!