The Dow pushed up through the 618% at 10,165/72 therefore that took out the Elliott wave structure downwards for the time being, but it has not taken out the terminal high of 10,408, indeed technically the Elliott count down is still in play, this is major to realize ahead jumping the gun and exiting or going long, the news that pushed the market overnight will be disregarded tomorrow.

Firstly, we need to see if resistance becomes support at 10,300, there are markets on their supports in Australia mainly, the Materials sector, as it is above the MediumLevel 11,500, in line with US BHP above 65 and local BHP above 38, the banks on the other hand are not supported they are facing resistance, the Dow is on 10,000 which is support, we have been anticipating a break there, the same with the XJO on 4300 support (Group1)

Gold is not on sustained, sure it has rallied and might shatter from 1200 or push to 1230 if the Dow pushes to 10600, however for now it is under 1200.

Forex, the AUD will push higher leading stock, whenever the DXY breaks done 82, it places it into a bigger bearish picture toward 80 and the Euro above 1.30 this would change the wave counts there, it hasn’t occurred as yet and we require seeing this played out

It would be tempting to chase the resource today, if so keep it tight and understand Copper is creating the first high above the level TL3 and will retest it, so expect a likely pull back and crude touching on 80 will meet with a reaction, I saying don’t get trapped, play a shorter time frame.

The ASX200 XJO is finding support at 4400 however it starts running into supply and resistance at 4500, the 618% retrenchment is around 4700 and the 50% retrenchment at 4600, so there is resistance all above 4500, so whatever happens at 4500 will set the scene for the next trend. There are a variety of things that can happen, firstly, it is likely to react to some degree, either failing at this level or gathering itself after the reaction and climbing above creating the first high above the level then retesting the level for support, but normally the first high above the level is the top of the last trend, so from here a larger pattern would unfold across 4500, eventually finding support if this is the case we would be trading long from here, the other point on the local markets is that stocks are current oversold and without the fear of the US to hold then down they will move up quickly, so we also need a trading plan for that.

In a nutshell the resistances for the Dow at 10,500 and the ASX200 at 4500 are the key points for the week ahead. Whenever these levels become support then we can await higher moves, these events when they come will take time to evolve we will be discussing the finer details of this possible ness if it unfolds.

- About the Author: TradingLounge™.com.au and the TradingLevels™ Analysis Service have been developed by Peter Mathers to meet a growing demand for accessible, sensible education and his TradingLevels™-based analysis. Delivering high quality analysis and trades recommendations for shares, CFDs, cfd technical chart analysis, indices, commodity, the TradingLounge™ has been in strong demand growing from strength to strength. Peter is author of “Trading CFDs in Today’s Markets“. If you want to know more about trading analysis, click here. Article Source

Global equity markets were subjected to sharp selling pressure by Darrell Jobman

EUR/USD The Euro was unable to push back above 1.23 against the dollar in early Europe on Wednesday and was then subjected to renewed selling pressure during the day. The Euro-zone capital markets and banking sector remained an important focus during the day. There were fears that banks would fin… More »

On April 26th Guy Cohen, published author and 10 year veteran of the stock market wars, tipped off the world that the market had unreal levels of volatility and that a major drop was coming!

Sure enough, just a week later he was right…and his analysis is proving right again TODAY!

But how did he do it?

–We’ll get to the ‘how’ in a minute–

Yesterday Guy put on a special strategy session which he taught:

– Why the big banks and Wall St. don’t fight fair (and how you can trade WITH them).

– A simple strategy that can help you ‘be the banker’ and do it in just 15 minutes a day.

– The OVI — a groundbreaking, indicator you can use to legally “spy” on the big banks and know EXACTLY what stocks to buy or sell.

Here’s the HOW

He also announced the release of his very unique course “Trade the Banks” … and already hundreds of success seeking traders and investors have snatched their copy so they can enjoy a little ‘investing’ Tea Party.

If you missed the online strategy session yesterday, you can still watch it for a limited time:

==> Visit Trade the Banks Official Website

When you’re finished, take a few minutes to read Guy’s open letter to traders and investors and then ask yourself:

– Can you find 15 minutes a day to place trades that have a higher probability of profit?

– Do you want to trade when YOU want to trade? Whether it’s in the morning, at lunch or in the evening? The Trade the Banks strategy is PERFECT for you.

In the course, you’ll get

** The full Trade The Banks strategy course — you can get through this in just a few hours and be ready for your first trade the next day!

** Complete access to the OVI indicator — so you can legally (but secretly) ‘spy’ on the big money moves in the market.

** Guy’s ‘mOVIng Stocks List’ — this daily top five update will tell which stocks the OVI likes BEST every day.

**One year of total email support.

** A live ‘group’ coaching session with Guy, so he can make sure you have total command of the strategy and the OVI!

Guy’s Trade the Banks also comes with 30 Days of TOTAL SATISFACTION — if you’re not happy for any reason, send it back with no questions asked.

There’s just one week to get in on this. Guy will be taking new students until 11:59PM May 26th.

But first — take some time and listen to Guy’s online strategy session from yesterday…

==> Visit Trade the Banks Official Website

- About the Author: Rob Trader – Forex Expert http://tradingtoollist.co.cc/ Article Source

The amount of activity that takes place each day over the internet is unbelievable. Millions of people complete transactions online each day for fun, investments, and as party of their career. The largest market in the world involves foreign exchange and the conversion of currencies. This market is frequented by individuals, investors, brokers, corporations, banks, and governments from all over the world.

Almost $2 billion in transactions takes place in the area of foreign exchange, also referred to as forex. More than half of these transactions take place over the internet. This method is fast, easy, and allows all the transactions that take place each day to be done. It is actually mind boggling when you stop to consider the amount of people and money involved in forex each day.

Yet with the information that the internet gives us access to and the continued increase in global marketing transactions, the concept really is a viable solution to help all of those involved. You may not realize it but all the online activity that takes place with Forex affects each of us. It allows us to be able to complete our transactions over the internet, at the store, and at our local bank without any issues relating to currency.

There are many different types of online forex transactions that take place on any given day. The most common is converting money and then transferring the funds to various accounts. It is possible to transfer money to various banks located in 70 different countries. These transactions are completed in 2-4 days depending on where the funds are being transferred to and the amount. Still a maximum of 4 days is very good service.

For individuals, online forex allows you to easily purchase another currency before you travel to that particular country. This is a great way to save time and money. You won’t have to wait in line at banks to convert your money and you won’t have to pay any transaction fees either.

Online foreign exchange is a very complex system that deals with large quantities of currency each day as well as heavy volumes of traffic. Yet this is a very efficient and effective way for everyone from individuals who plan to travel to exchange currency to large corporations and governments.

Paul Ingersole is an Australian based business person who enjoys writing.Paul discovered a great system that makes small continuous recurring profits using the internet.You can see Google Sniper at Paul’s website

http://www.guruswipe.com

Article Source:http://www.articlesbase.com/day-trading-articles/you-can-be-a-forex-trader-almost-overnight-1655825.html