When Bernake speaks about QE, tapering and the economy, it's time to keep an eye on US bonds. We turn bullish earlier this week and prices are moving nicely higher since then. However wave 4) is now approaching some key resistance levels, so be aware of a possible reversal in days ahead. Lets see how market will react at former wave 4.
USD/CHF made new low hour or two back so now we have five waves down in wave C, which means that trend may change in the very near future for a minimum three wave rise. We however would be tracking a larger bullish recovery if market will bounce in five wave back to 0.9500. Next support for wave C comes in at 0.9320.
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GOLD spiked to a new high for few cents, which means that market is most-likely in wave v) of (c). If thats the case then we know that reversal in trend may follow soon because market could be in final part of a corrective rally from June low. We will keep an eye on evidences of an impulsive weakness for a confirmed change in trend. For now, prices are up and can hit 1315 if move extends after Bernankes testimony.
German DAX is in uptrend mode, now moving up in red wave v) that is final leg of a blue wave (iii), which has a room for a push up to 8350 in the near future where we can see 161.8% extension of wave (i) measured from wave (ii) low.