EUR/JPY CYCLES UPDATE Part1

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CHF stops to BE

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GBP USD was stopped out -38 pips.
Broke MAY 2006 HIGH, so staying out for now lets see the closing price today.

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EUR USD EW 15min/60min wave counts attached.

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USD CHF EW 15min/60min wave counts attached.

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OVERALL UPDATE; POSSIBLE DIRECTION FOR NEXT WEEK:

With currencies busting out of range, Id say GBP USD is close to resistance turning support and USD CHF vice versa, support turning resistance. If GBP closes above 9040 today it will try for QUARTERLY RESISTANCE AREA1, which is

1.9237

1.9460

However before that, there is MONTHLY RESISTANCE AREA2, which is:

1.8999

1.9190

Now my idea then would be to buy pullbacks based on daily support levels, and BUY WEAKNESS in price action.

Further on, my trend termination levels on GBP USD calculated 3 months ago are:

1.8702

1.8844

1.9020

1.9304

Now since three levels were taken out easy, 9300 looks as a strong reversal area and if you notice, it's also in Quarterly Resistance

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SP500 UPDATE: Also the rally is stalling now, updating #69 of 19th July, this setup so far is up 30 points, Id try for another 60 points, otherwise B/E. Id say topping action probable around 1310-1320 area, which is a good SELL window on SP500.

UPDATE TODAY This item stages another Rally and overall this trade up +50 points (which is like 500 pips on FX). Hold the item for 1310 and take profits then.

SP500 LONG setup is actually a good catalyst of FOREX markets, so before SP500 tops out (1310-1325) I EXPECT MAJORS TO RALLY NORTH!

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EUR JPY is +55 pips now, hold over weekend TP 146.60

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I can confirm following targets on
GBP

1.8702

1.8844

1.9020

1.9304

On EURO

1.2957

1.3075

1.3220

1.3455

SP500

1297.2984

1314.6149

1336.0000

1370.5969

I expect a reversal SOUTH on all items either 11-14 August or 18-21 August.

DON'T EVEN TRY TO GO SOUTH NOW. BULL RUN IS ON!
3100 looks as an option on EURO and 9300 on CABLE.