1. General Comment International Markets – 07 August 2011.
The past week has signaled the END of the uptrend in the major stock markets. By breaking
and with the exception of Japan subsequently closing below the weekly reversal / support
levels (Dow Jones 30 – 11800, S&P 500 – 1250, Xedra Dax – 7000, UK100 – 5600, Nikkei –
9300, we have confirmed long term reversal patterns and the markets are now bearish targeting
much lower levels from the current ones. The oversold areas we reached due to the relentless
selling give some hopes for a temporary stop of the fall – but only temporary. Any move higher -
if we have one - is considered an opportunity to open short positions.
Gold continued its uptrend reaching 1680 before correcting lower and is ready to reach the
next hurdle at 1700. Oil having broken its range downwards is now in a downtrend targeting
lower levels.
The euro remains within its well established range but moving towards the top of that while
sterling is poised to reach 1.66 very soon.
Strategies – Medium term Traders
The trend is down the wave is down and in oversold area. The most probable
Dow Jones 30 scenario is continuation of the down move. Any retracement higher is considered an
opportunity to sell.
The trend is down the wave is down and in oversold area. The most probable
Standard & Poor
scenario is continuation of the down move. Any retracement higher is considered an
500
opportunity to sell.
The trend is down the wave is down and in oversold area. The most probable
Xedra Dax
scenario is continuation of the down move. Any retracement higher is considered an
opportunity to sell.
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2. The trend is down the wave is down and in oversold area. The most probable
UK 100 scenario is continuation of the down move. Any retracement higher is considered an
opportunity to sell.
.
The trend is down the wave is down and in oversold area. The most probable
Nikkei scenario is continuation of the down move. Any retracement higher is considered an
opportunity to sell.
The trend is up the wave is up and in neutral area. The most probable scenario is
Gold
continuation of the up move.
The trend is down the wave is down and in oversold area. The most probable
US oil scenario is continuation of the down move. Any retracement higher is considered an
opportunity to sell.
The trend is neutral the wave is moderately down and in neutral area. The most
EURUSD probable scenario is continuation of the range with the market moving towards the
top of that range (1.38 / 1.46).
.
The trend is up the wave is down and in neutral area. The most probable scenario is
GBPUSD
the down move to stop on our support and then continue going up.
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