MIB-SPX-EURUSD

 MIB like the rest european markets looks strong. Revisiting and surpassing the october highs is very possible after the signal given by the central banks yesterday. However there is a big problem out there and thats why they cooperated.I believe the problem will arise soon and things are going to get ugly.....but patience is a virtue. My view for this market remains short term long.

S&P may have reached the target we stated at the start of the week, but a pullback to 1225 may be a chance to buy. Target now is 1265, but 1250 is very important resistance. Today I'm neutral in this market. I'll give it the rest of the week to unfold and then built my strategy in the weekend for next week.

Eurusd has important point 1,3260. The rise although it broke the red trend line, is not impulsive and it hasn't broken the last important high (1,3620area). Neutral to positive stance here unless 1,3260 broken.

MARKET INTERVENTION

Our target from the start of the week was 1225-1250. I did not expect it to be reached so soon and in that way. Whoever did not expect the pullback and bought on monday can now liquidate and be very happy. I looked at the tree and lost the forest. Better luck next time....or will we have a second chance to buy?or is it over? Will update soon!!!!

MIB at the start of a third wave or at the end of a correction?

MIB is at a critical juncture. Either a new impulsive 3rd wave is in its making or a pair of one-twos' is about to end. It came close to overlapping the whole 5-wave upward movement from 13100, but it didn't. These are the most probable scenarios for me and the most simple ones. I like to keep it simple....so lets wait and see....

Pull back started....will you buy??

SPX goes according to our scenario. I see 1170 as the lowest number it can go as a correction. I prefer buying with targets around 1225-1250.

DAX as noted earlier also in my twitter, it probably finished 5 waves up and is correcting. Same pattern as spx. The gap is a possible target. Market opens down, it may pull back up and continue down tonight or tomorrow. Main idea is to be long close to the 61,8% retracement.

Eurusd still below the red trend line. As note on twitter the rise from 1,32 was overlapping and thus not impulsive. I see eurusd lower but not sure if 1,32 will break. It reminds me of how it behaved with 1,3422 area last week. Be carefull with short positions. Using stop orders is best to be safe.

Buy the pullback and target 1225-1250 SP500?

I believe we saw a short term bottom on friday and that an upward movement has already started. I expect all markets tomorrow pull back and provide us with cheaper prices to buy. I have SP500 target between 1225-1250. My scenario will get more possibilities if 1200 is broken and maintained. More detailed work to come soon on this new scenario!

 update 29-11-2011

SPX has found resistance at its previous support 1200. Either way a pull back around 1180-1170 is expected. The decline from october highs still looks a 3-wave correction that ended near 61,8%. Long positions after a correction are favored.

Eurusd is getting closer and closer to the red line resistance. If 1,3280 broken then eur will accelerate downwards and will probably brake 1,32.

 DAX is like SPX. A 3-wave decline from the hghs is not impulsive. Yellow line is low of wave 1 that must not be overlapped if we are in wave 3 down. If overlapped then more scenarios will arise. Dominant scenario still is the A-B-C correction to near 61,8%.

In a few words, for the short term I prefer buying the pullback with a view higher.