Big Pictures

Here i will update the long term counts i’m following

ES

The red labeling shows the classic bearish view that 2007 top is THE top and 2007-2009 is a wave 1 down. From 2009 bottom we were in a correction that topped in May: after the first five wave drop and a correction, we are entering now in wave 3 of 3 down.

the alternate interpretation (blue one in the chart) is that March 2009 is THE bottom, and we are now correcting the rise from 666 to 1370. Intermediate term implications are the same: a bear market is in force, but in the latter case we’ll find the bottom around 900 to start a new strong bull market

SILVER

Silver topped in May at 49,9$ after a parabolic rise. Commodities often go parabolic in wave 5′s, so i’m now counting a downtrend or a correction. Chart is detailed, there are more bearish implications but however targets were under 26$.

Here i discuss other possibilities

GOLD

Gold shows too a top after a parabolic rise. Chart implies the start of a long downtrend or a big correction

OIL

Oil topped in 2008 and corrected the drop of 2008-09 until 115$ top. We are now entering a phase of protracted decline as you can see there are an impulsive drop and a wave(2) correction to the typical 61,8% level

EURUSD

I don’t have a clear long term vision but last two year shows impulsive drops and corrective rises. We should be now in a third of a third wave