CFD Trading Report S&P500
Elliott Wave US dollar is lower across the board after a gap on Sunday against all FX major currencies. The S&P Futures also gaped higher for around 20 points from 1153 Friday close on news that IMF is preparing a EUR 600bln loan for Italy in case the country’s debt crisis worsens. We however warned on you already on Friday about potentially US dollar weakness when the S&P500 (cash market) moved into a wave three support zone. On the updated S&P Futures chart we can see that wave (iv) is now in process, which means that downside remains in play for this market, while prices trade below 1217 on a “daily close basis”. So once the S&P Futures will find a resistance in wave (iv) and will move lower into a wave (v), US dollar will continue higher! However, be patient for, cause thats still not the case!

Trading Strategy Summary

Summary

186 point rise for the Dow was kinda low for a Euro solution; I wonder how much more steam there is in the trend up…
There are two Elliott wave counts up at least for the short term, one that end right here and another that continues to move up for roughly three days with a target on the Dow around 12,272 to 12,337, we are looking for Wave C of (2) top somewhere up here.
Most Indices have the same short term patterns and we are looking at counting five waves up from Thursday / Fridays lows, once these five waves are completed cover all long trades and wait for short trade set ups. If we are correct we will be looking for long term short trades in the Indices.

Trading Quote

Trading Strategies

S&P500 CFD: 1215
TradingLevels: The Pivot 1220 within SG1 of 1200 has some small resistance which helps makes the price part of 1200 story and there the 1172 SG2 zone
 Elliott Wave: As you know we cannot confirm intermediate wave (3) down yet. We can’t also rule out the markets making one more new high and the Elliott Wave count on our site reflects this bullish possibility and it may be a week before we can have evidence in the structure. The short term trend is down so being short is the correct trade.
Trading Strategies: Stops at 1233 wait for 1200 to be the retested resistance before adding to shorts.

Technical Analaysis CFD Forex Day Trading Strategies EURO

EURUSD 1.3010
Technical Analysis
TradingLevels: The corrective pattern on 130 is still going and it’s not tradable while its in SG1 of 130, if it finds support on 1330 then trade long  to 131 area or if the 130 becomes resistance then the corrective pattern is completed and the next move down is under way and the 1.280 and 1.2772 is the important price point
Elliott Wave: The Same - Wave (iv) is unfolding at 130 and potentially can move higher to 131, but it is corrective and once completed move down for wave five (v) of 3
Trading Strategies: Support on 1330 trade long. 1.30 as retested resistance day trading short

Dow Jones CFD 12,075
Technical Analysis
TradingLevels: The price work across both sides of 12,100 which is also the 61.8% retracement level of the move down from the 9^th Dec, the Dow can rally higher to 12,200 as the Elliott wave structure up is suggesting, the SP500 resistance is 1250 a 72% rally if this becomes support then we have a larger structure up
Elliott Wave: The bounce of 1,200 for the SP500 came in on cue which in turn is the 11,800 for the Dow, we can work out the internal structure up but what does need confirming is working out is it a corrective  rally or will new highs be made to 12500+.  As you know we are working both wave counts bullish and bearish, I know this is not helpful as such, but we really do have to sit and wait for clarity in the structure
Trading Strategy:  If your long above 11,772 then well done and wait for the price pattern to unfold at 12,100 that should be the top of a wave three so a wave four across 12,100 with another push higher into 12172. Locking is some profit here at 12,100 is sensible.

Forex AUDUSD 1.0070
TradingLevels: expect to see a series of wave fours and fives play out across 1.01 today
Elliott Wave: counting an impulse wave up, I will outline this on the 5 minute chart in the video. The larger degree of Wave (D) of IV can be completed but let’s first see if the move up develops as a larger impulse wave or corrective, the main point is to trade the current structure up
Trading Strategies:  A very clear impulse structure has emerged, once you understand the pattern and the levels you can trade with it, I will outline the path in the video
Forex Trading AUDUSD Elliott Wave Trading Strategy