Trendline/Oscillator Charts
After an extended period when all 5 of the markets followed were solid up on both the hourly and daily charts there's been a lot of action in the last couple of days.
ES - Sell signal again today on the hourly, but this time it's accompanied by a break below the uptrend line on the daily chart. The hourly sell makes sense in light of the above Elliott count, but that count calls for a couple more wave 4 & 5 sequences before any serious correction occurs, so a sell on the daily chart would be a surprise. If the Dyn Osc breaks below 80 on the daily and thus generates a sell on that time frame then the above Elliott count will be in serious jeopardy. For now I'm trusting that the count is correct and planning to go long on a buy signal on the hourly chart.
EUR/USD - continues in down trend on hourly and edging closer to a sell on the daily.
AUD/USD - generated a sell signal on the hourly today but quite a long way to go on the daily before the daily uptrend line comes into play.
Gold - also generated a sell on the hourly today but still holding in UP mode on the daily chart. Quite a significant drop in prices in this market in a small period of time, one would expect a nice retrace to say the least. Looking to go long in this market on a buy signal on the hourly chart AS LONG AS the daily remains in UP mode.
Silver- edging towards a sell signal on the hourly chart.
