Stocks Report: Google Inc
Google broke daily up channel
Likely to fall to 680.00
Google has been falling in the last few trading sessions inside the 4th minor corrective wave 4 – which started previously – when the price reversed down from the pivotal resistance level 775.00, which stopped the previous impulse waves (iii), 3 and (3) – as can be seen from the daily Google chart below. The active impulse wave 4 earlier broke the support trendline of the daily up channel from August – which intensified the bearish pressure on this instrument. Google is likely to fall to the next support level 680.00 (50% Fibonacci correction of the upward impulse from August).
Commodities Report: Light Sweet Crude Oil (WTI)
WTI rising inside minor impulse wave 3
Likely to rise to 48.00 and 50.00
WTI has been rising sharply in the last few trading sessions inside the 3rd minor impulse wave 3 of the intermediate (C)-wave of the primary ABC correction ② from the middle of February. The price earlier broke through the resistance levels 42.00 (which stopped earlier waves (A) and 1) and 44.00 (top of the previous minor correction (ii) from November). Each of these resistance breakouts intensified the bullish pressure on this instrument. WTI is likely to rise to the next resistance levels 48.00 (top of the earlier wave 2) and 50.00 (top of wave (2)).
Index Report: S&P 500
S&P 500 reversed from long-term resistance level 2100.00
Likely to fall to 2060.00 and 2020.00
S&P 500 recently reversed down from the major long-term resistance level 2100.00 (which has been steadily reversing this index from last August, as can be seen from the daily S&P 500 chart below). The resistance zone near the resistance level 2100.00 was strengthened by the upper daily Bollinger Band. The downward reversal from 2100.00 completed the previous minor correction 2 of the intermediate impulse wave (3) from the start of November. S&P 500 is likely to fall further to the next support levels 2060.00 and 2020.00.
Forex Report: USD/JPY
USD/JPY broke support level 108.00
Likely to fall to 106.00
USD/JPY continues to fall inside the minor impulse wave 5, which earlier broke through the support level 108.00, which stopped the previous waves (i) and (b), as you can see from the daily USD/JPY chart below. The active impulse wave 5 started earlier – when the pair reversed down sharply from the resistance zone lying between the resistance level 111.00 and the 50% Fibonacci correction of the previous sharp downward impulse (i) from the end of March. USD/JPY is likely to fall to the next support level 106.00.