20081022

The WIG Index has made lower low today:



More details on intraday chart:



The market has made lower low and that's obviously sell signal. Downtrend seems to be still very strong. However, we are closing to important trendline (but it does not mean there will be bottom):



The EURPLN has broken the monthly high of 3.6370 and that gives the long-term buy signal as for now (note the Fibo levels):



The CHFPLN had a impressive rally today. Price has broken the 38.2% Fibo (ca.2.40) and it's just below Fibo 50%. The CHFPLN has long-term buy signal (crossed monthly high two weeks ago - this post):



The area of Fibo  38.2% - 61.8% (ca. 2.40 - 2.70) can become choppy and according to Fibonacci methodology the correction of CHFPLN should end here (if it's a correction). Areas outside (0%-38.2% and 61.8%-100%) seem to result in parabolic movements. A good introduction can be found here (but remember this is just one of many techniques).

The US market seem to break from triangle again, this time it's confirmed by high volume:



It looks pretty bearish, the confirmation will be DJIA crossing the 8200 and the lowest low of 7900. Brian Shannon says we still should wait for confirmation (video from today; note part on gold and oil). Also, take a look at this article.

Sources:
[http://www.traderslog.com/fibonacci-tricks.htm]
[http://www.marketwatch.com/news/story/us-stocks-hammered-fueled-worries/story.aspx?guid={71705879-427A-4783-ABCF-C7169830AB2E}]