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By Nico Isaac
In recent months, Elliott Wave International President Bob Prechter has become something of a household name. In the final two days of August 2009 alone, Bob was mentioned by several news outlets from MarketWatch to the New York Times. The claim to his "fame" —
GBPUSD Analysis.
GBPUSD’s rebound extends further to as high as 1.6586. The pair is testing 1.6623 resistance, a break above this level will suggest that the downtrend from 1.7042 has completed at 1.6113 already. Initial support is now at the lower border of the price channel on 4-hour chart and key support is at 1.6286, below this level will indicate that a short term cycle top has been formed, then deeper decline could be seen to re-test 1.6113 previous low support.
GBPUSD Analysis.
Being contained by the upper border of the falling price channel on 4-hour chart, GBPUSD pulls back from 1.6441 level, suggesting that a short term cycle top is being formed. Key support is now located at 1.6286, a break below this level will confirm the cycle top and indicate that the fall from 1.6441 is resumption of downtrend from 1.7042, then deeper decline could be seen to re-test 1.6113 previous low support.
GBPUSD Analysis.
GBPUSD formed a short term cycle bottom at 1.6113 level on 4-hour chart. Further rise to test the resistance of the upper border of the falling price channel is expected later today. Key resistance remains at 1.6623, as long as this level holds, we’d expect downtrend to resume, and another fall towards 1.5900 is possible before breaking above 1.6623 level. However, above 1.6623 will suggest that the downtrend from 1.7042 has completed at 1.6113 level.
By Neil Beers
So Bob Prechter is bearish again.
That may be no surprise to some, but recall that Prechter was about the only bull on February 23 of this year when he covered the short position he had recommended on July 17, 2007. That was nearly two years later and 800 points lower in the S&P. And the Daily Sentiment Index (DSI) reading for the S&P had gotten down to only 3% bulls!
By Susan C. Walker
Editor’s Note: The following article discusses Robert Prechter’s view of investment vehicles and government-regulated plans. For more analysis from Robert Prechter, download a free 10-page July issue of Prechter’s Elliott Wave Theorist.
AUDUSD Analysis.
Being supported by 0.8238, AUDUSD rebounded from 0.8239 level. Consolidation in a range between 0.8238 and 0.8400 would more likely be seen in a couple of days. As long as 0.8477 level holds, another fall to test 0.8155 support is expected after consolidation, a break below this level will suggest that the uptrend from 0.7703 has completed at 0.8477 level already, then the following downtrend will take price back to 0.7900 zone. Key resistance is at 0.8477, above this level will indicate that the uptrend from 0.7703 has resumed, then next target would be at 0.8600-0.8700 area.
USDJPY Analysis.
USDJPY stays in the falling price channel on 4-hour chart and remains in short term downtrend from 95.05. Deeper decline is still possible to 92.00 zone. Near term resistance is at the upper border of the price channel on 4-hour chart, and key resistance is 93.42, as long as this level holds, we’d expect downtrend to continue. However, above 93.42 level will suggest that a short term cycle bottom has been formed and the fall from 95.05 has completed.
Our friends over at Elliott Wave International have announced they will keep Bob Prechter’s recent 10-page market letter free until September 9. If you missed earlier announcements, now is the time to download it free.
In this issue, Bob gives a warning he’s never had to include in 30 years of publishing – namely, that the doors to financial safety are closing all over the world. There are but a few opportunities left and little time to take them. Even as this happens, the terrible irony is that so many people believe the conventional wisdom, which claims "the worst is over."
Act now before this 10-page issue returns to full retail price.
AUDUSD Analysis.
Being contained by 0.8477 previous high resistance, AUDUSD pulled back from 0.8470 level. Sideways consolidation in a range between 0.8300 and 0.8470 would more likely be seen before breaking above 0.8477 level and another fall towards 0.8300 is expected later today. However a break of 0.8477 will suggest that the uptrend from 0.7703 has resumed, then the next target would be at 0.8600-0.8700 area.
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