Opening Report – 10 July 2014

1. Introduction

We now have a possible five waves down on FTSE and the DAX. The wave count on the DAX is clearer and is shown below. What we want to see now is confirmation that a low is in followed by a weak rally….

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2. UK FTSE 100

FTSE is now at 6716 down 1 points. 6700 has held for now and the rally is feeble so far tying in with our bigger picture. The false break below 6700 is a buy signal.

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3. The German DAX

The DAX is now at 9775 down 32 points. The pattern now calls for a rally as per the chart above.

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4. The US DOW

The Dow closed yesterday at 16985 up 78 points with the spread betters now quoting it at 16945 (-40).  The Dow rallied yesterday so no fifth wave.

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5. The Japanese NIKKEI DOW

The Nikkei Dow closed at 15216 down 86 points. A C wave decline remains possible.

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6. US T-BOND

Bonds have moved up in what I believe is an a-b-c correction, we may now have peaked!

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7. Gold ( UK cash)

Gold appears to have seen the fifth wave and I now look for a move back below $1300 which may be a good buying opportunity – right now we are testing the highs at $1332 so there may be a short term shorting opportunity.

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8. FOREX

GBPEUR and GBPUSD continue to trend up.

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Opening Report – 01 July 2014

1. Introduction

Nothing much happened yesterday but potential negatives remain on the Dow. However, Gold is now seeing that fifth wave rally and this could have important implications.

2. UK FTSE 100

The FTSE is now at 6,769, up 25 points. 6,700 has held so far but the rally off that low is now an a-b-c, suggesting we may fail. Overall it remains positive, but not as positive as before.

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3. The German DAX

The DAX is now at 9,847, up 14 points. Similar action here with a positive set-up but the DAX failing to do much with it.

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4. The US DOW

The Dow closed yesterday at 16,826, down 25 points, with the spread betters now quoting it at 16,846 (+20). The negative pattern remains in place, see chart below, but, again, nothing much happened yesterday.

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5. The Japanese NIKKEI DOW

The Nikkei Dow closed at 15,326, up 164 points. A C wave decline remains possible.

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6. US T-BOND

Bonds have moved up in what I believe is an a-b-c correction, we may now have peaked.

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7. Gold (UK cash)

Gold is now seeing a potential fifth wave rally. If so, I expect it to fail and to fall back below $1,300, which may be a good buying opportunity.

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FOREX

GBP/EUR and GBP/USD continue to trend up.

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