Multiple Obstacles at 1105
Price has broken above the red downtrendline from the May high, and facing multiple obstacles at present - the 20 & 200 day moving averages, green & blue downtrendlines and historical resistance at 1105. Price may go sideways for a bit more before breaking out to the upside.
Upside Breakout
A convincing upside breakout(above 1105) technically can go all the way up to the 1220 high. However, potential roadblocks exist at 1130, 1150 & 1172 enroute.
An unlikely breakdown has initial support around 1060. I have changed the labelling to mark the end of wave A at 1010, expecting a complex correction of sorts to bottom before the year end.
Meanwhile, SSEC as usual leading the world towards a bottom for the medium-term. All the best!
EWI Free Week
If equities are not working out for you, the Energy markets offer a lot of opportunity with their volatile swings. If you are interested in the movements of Crude Oil, Natural Gas and their derivatives, or their ETFs you may find EWI intraday, daily and historical charts very useful! The good folks at Elliott Wave International are offering a Free Week.
The analysis is free, but only until Jul 28th. I especially like the super long term chart & wave strucure of Crude Oil dating back to 1859! Click here to access these resources. Enjoy!
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