USD/JPY wave (d) of the B-wave triangle developing

Wave (c) of the B-Wave triangle ended at 102.79 and Wave (d) towards at least 101.53 and possibly even lower towards 100.80 is developing. A break below minor support at 102.09 confirms the decline towards 101.53 and maybe even lower.

Short term resistance is found in the 102.54 - 102.64 area.    

NZD/USD - Accelerating lower

NZD/USD accelerating lower

When the expanded triangle top broke on May 28 we knew that a important top was in place and that a strong downside pressure should be seen.

I have added the important 2x1 Gann line from the top as this should continue to act a strong resistance (I don't expected it to be tested any time soon thus) and I have added the 1x1 line from the intermediate bottom at 0.8623 as this should act as support. I do expect this line to be broken slightly by red wave iii and by red wave v before a larger correction is seen in wave iv.

Short term I expect resistance at 0.8440 will protect the upside for an acceleration lower towards 0.8239 as the next major support. That said only a break above 0.8477 will delay the downside pressure, but this outcome is by no means the preferred outcome.  

Crude Oil - Has broken support

Crude Oil has broken support

As we expected the second launch to break below the support line from 98.75 was successful. That means the downside now is dominant again and we should at least look for a decline to the 100 - 101 area if the triangle scenario we speaked about on Thursday last week. However, a clear break below 100 calls for a continuation lower towards 98.75 and 96.59 to end wave c of B.

Short term the broken support line (now acting as resistance ) at 102.92 should be able to protect the upside, but only a break above 103.10 will indicate a move closer to 103.93 before lower again.