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Monday, August 29, 2011

Elliott wave analysis on EUR/USD; Gold and Crude Oil

EUR/USD - We finally got the break out and to the upside, which has been my preferred outcome. This should be the last leg up in the ending diagonal, which began at 118.75.
Ideally we should see a new high above 149.39, but there will be serious resistance near the 148 area.
Short term support at 145 should protect the downside, but only a break below 144.66 will indicate a failure breakout and indicate a decline towards 143.25 and more importantly 142.25

Gold - The rally from 1,702.44 has slightly bigger than first expected and the rally above 1,823 does indicate, that we could be looking at a flat correction, which would call for a move higher to at least the 1,854 - 1,866 area and possible even 1,911.09 before we will see the next leg lower. If we are looking at a flat correction support at 1,794 should not be broken. A break below here before a break above 1,838 will indicate that the next leg lower has already begun.


Crude Oil - Not much to add here. We are going side ways and could easily do that longer yet untill we meet the Pitchfork resistance-line. The main trend is down and a break below 83.11 will add pressure to the downside, while a break below 81.40 will confirm that the next leg lower towards the 72 area has begun.

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