Dow,Ftse

Dax

This week's candle was a doji,occurring 56 weeks from the low (fib 55).With the market at a strong resistance line from previous highs and lows from the last 3 years.There is strong resistance at 6286-6300 on the daily chart (june future)and resistance from the rising wedge upper trendline.I have marked this rally as the likely head of a possible head and shoulders pattern.We need to close below the low of the weekly doji for first signs of a possible trend change.The s&p had a bullish white candle and is below ideal resitance levels of 1200-1220 that elliott wave people are talking about,so could drag markets higher,but the put/call ratio is at nosebleed levels.

blah.........

warning signals abound (Vix,put/call ratio at extremes,NYSE summation index rolling over)bond yields and oil rising etc but the markets just keep grinding higher......

Dax

The Dax closed strong on Friday,with an upside gap.We are marginally above important resistance levels (idealised wave 5 target and matching range target and 0.707% retracements which were basically clustered around 6215 and 6223 on the cash index)
There is a potential Gann squaring with the market up 271 days and 2710 points would be 6299 (again,cash index,actual chart is nearest future as I cannot get cash data on my software)In addition we are just below a crossing of 3 angles.Crossings often mark pivots.I still believe the rally looks corrective and is on borrowed time.Volume has declined as the market rose from the Feb low.Nevertheless the trend is up until we get a reversal

Coffee

I have drawn in a purely speculative wave count that suggests another ABC move down.

cocoa

Looks like it may have completed a small corrective ABC rally to the neckline of the top pattern

S&P