Currency Structure of Socks Define

The Dow pushed up through the 618% at 10,165/72 so that took out the Elliott wave structure downwards for the time being, however it has not taken out the last high of 10,408, So technically the Elliott count down is still in play, this is important to understand before jumping the gun and exiting or going long, the news that pushed the market overnight will be forgotten tomorrow.

primarily, we need to realize if resistance becomes hold at 10,300, there are markets on their supports in Australia mainly, the Materials sphere, as it is above the MediumLevel 11,500, in line with US BHP above 65 and local BHP over 38, the banks on the extra hand are not supported they are facing immunity, the Dow is on 10,000 which is sustain, we have been anticipating a stop there, the similar with the XJO on 4300 support (Group1)

Gold is not on support; sure it has rallied and may lose from 1200 or push to 1230 if the Dow pushes to 10600, although for now it is under 1200.

Forex, the AUD will push higher leading stock, if the DXY breaks done 82, it places it into a larger bearish picture for 80 and the Euro above 1.30 this would vary the wave counts there, it hasn't occurred as still and we need to see this played out.

It would be tempting to chase the resource today, if so keep it tight and understand Copper is creating the first high above the level TL3 and will retest it, so expect a likely pull back and crude touching on 80 will meet with a reaction, I saying don't get trapped, play a shorter time frame.

The ASX200 XJO is finding support at 4400 however it starts running into supply and resistance at 4500, the 618% retrenchment is around 4700 and the 50% retrenchment at 4600, so there is resistance all above 4500, so whatever happens at 4500 will set the scene for the next trend. There are a kind of things that be able to happen, primarily, it is likely to oppose to approximately degree, either failing at this level or gathering itself after the reaction and climbing above creating the first high above the level then retesting the level for support, but normally the first high above the level is the top of the utmost tendency, so of here a larger shape would unfold throughout 4500, ultimately finding support if this is the case we would be trading long from here, the other point on the local markets is that stocks are existing oversold and without the fear of the US to hold then down they will move up quickly, so we also need a trading plan for that.

In a nutshell the resistances for the Dow at 10,500 and the ASX200 at 4500 are the key points for the week ahead. If these levels become support then we can expect higher moves, these events if they occur will take time to develop we will be discussing the finer details of this possibility if it unfolds.