Saturday, April 23, 2011

S&P 500, EUR/USD, Gold & Silver ~ Easter Update 2011

S&P 500

(Reposting the Thursday update:)

The SPX is up again today and now right at the neckline of the inverse H&S.

As mentioned a few times already a break above the 1340ish area should lead to a rally to way above 1400.

It looks like wave [i] of 3 will be completed very soon. A mild correction should follow (wave [ii]) before wave [iii] of 3 to 1400+ will unfold.

On Wednesday we got a big upday after a correction. In the past this was usually a sign that a big rally was coming:


(Reposting the Thursday update:)

(Read my last EUR/USD update here)

As said last weekend the 1.425ish area should be a strong support level.

Early this week the EUR/USD tested the aforementioned level and since then we've seen a huge rally to over 1.46.

As long as we stay within the channel I still expect to see a 1.5x handle later this year.

Gold & Silver

Not much to say here. As written last weekend only a break below the uptrendline would change the medium term picture for gold:

The same with silver. The white medal is approaching the all time high around 50 $. Let's see if we get a correction there or just rally further.