Below is an hourly chart of the Semiconductors index, which looks to have completed a clear impulse up, now pending a [substantial] correction. Bear in mind, that this sector led the advance from the most recent July low.
Similarly in Europe, I expect indices to top sometime soon.
Below is an hourly chart of the DJ EuroSTOXX 50 index, which, I believe, is completing its fifth wave around current levels, allowing for up to 1.5-2% additional upside.
Copper will likely peak simultaneously with equity indices, and is currently tracing out a clearer pattern, that also increasingly looks tired. Its fifth waves are finishing around here.
Below is an hourly chart of copper.
As far as equities are concerned, I believe that VIX - the SP500 volatility index has bottomed around current levels. While I consider it unlikely that the VIX will take out its 23% low, however even if it does, I strongly believe that it will only succeed in making marginal new lows.
Below is a daily chart of the VIX.
Finally, I am beginning a bond purchasing programme, establishing 1/5 of the intended long bonds position today.
Below is an hourly chart of the German Bund, which I believe is completing its corrective zig-zag down.
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