Today is a very important day for Equity Trading all over the Globe, Asia just lost 1-2% by U.S. futures, as China Q2 GDP will be released, estimate of 7.5% growth. Negative news as well, as Korea unexpectedly lowers intererest rates since 2009. An unexpected for this Emerging Asian Country. Spain Debts jitters the bad news flow as well.
Futures not looking any good, and its the last support SPX must maintain to stay uptrend short term and possibly medium term/long term.
1334 is the wall to cover and defend, if it breaks below, our mini 1-2-3 rally can just be mini a-b-c corrective pattern.
Elliot Wave Analysis also suggest that a break below this 1334 will trigger more selloff going back to 1262, and may see new low to the RED 3yr long term uptrend line, near 1255.
Crossing my fingers that today SHOULD be a GREEN day.. else, doomsday scenario is back again.
Meanwhile, EUR currency Long Term is pushing down into multi year lows on its Long Term Downtrend Lines. Its now trading at 1.2200 and poised to have its 5th wave down with a price target of 119.xx, its Multi-year low last 2010. We expect EUR to pause at that level for a while,before any price action may confirm the next wave.
My Fearless Forecast. 1USD = 1EUR, anytime from 2012-2020.
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