Asian markets were mixed during the session as commodities fall. The
Japanese Nikkei has gained 25 points while the Australian S&P/ASX
dropped 42 points. More sectors were declining than were advancing with
commodities helping to drag the indices lower. Automobile manufacturers
Mitsubishi Motors was advancing 2.17 percent while Nissan Motors and
Mazda Motors were also showing gains.
Producer prices from Australia have risen less than expected during
the third quarter. According to a report released from the Australian
Bureau of Statistics has shown that producer prices rose to 0.1 percent
when the expectation was for a 0.3 percent increase. The report also
showed that the rise was stunted because of higher electrical, water,
and fuel costs which increased 12.1 percent during the third quarter.
The MSCI Asia Pacific Index has gained 0.31 points or 0.26 percent during the session.
Overnight, the Japanese Nikkei advanced 25.45 points (0.25%) to
10,308.44. The Australian S&P/Asx was declining 42.50 points
(-0.87%) to 4,816.90.
Crude oil for November delivery was recently trading at $79.75 per barrel, lower by $0.75.
Gold for November delivery was recently trading lower by $2.40 to $1,054.00.
Gold Elliott Wave view
4 Hour chart trend: Long. Main price points: 1043, and 1070. Looking for: Wave 4)
Gold is very choppy as it trades just below the 1070 highs, which
means that lower wave C is still possible. The wave A support still
needs to be taken out for a wave C confirmation. Until that happens,
traders must be careful with any short positions, as the market may
easily hit new highs in the red wave 3) before wave 4) falls lower.
This count remains valid so long as the market trades below the 1070 top.
S&P Futures Elliott Wave view
4 Hour chart trend: Long. Main price points: 1062.50, 1098 and 1115-1120. Looking for: Wave 5) top
S&P
futures came back up, near to 1098.50 top over the past few sessions,
in response to the impact of earning reports. S&P futures did not
break through the 1062.50 lows, so traders may still see some up-side
pressure over the next few trading days, before the bull market may
technically complete.
As such, TheLFB team is also watching the
alternative wave count labelled as wave W-X-Y, which will become the
primary wave count if the 1098.50 top is taken out. In this case, the
market will probably trade up, near to 1115-1120 resistance zone.
Eur/Usd Elliott Wave view
4 Hour chart trend: Long. Main price points: 1.4816, and 1.5050-1.5100. Looking for: Wave 5)
Eur/Usd has reached the 1.5050 target zone for the second time over
the past two days, after the earlier bounce from wave IV low, as
covered recently. As such, the long red wave V may not be completed,
especially if the resistance zone between 1.5050-1.5100 is taken out.
In this case, traders may look for another push into the bew highs,
near the second Fibonacci resistance area, shown around 1.5150.
Any break of the wave IV lows, will signal that the top was made.
