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Monday, August 8, 2011

EUR/USD; Gold and Crude Oil

EUR/USD is back in no mans land, but as long as support 140.09 isn't broken to the downside I do favor on more rally above 144.85 and ideally 149.39 to end the ending diagonal from 118.75.
A break below 140.09 will call for the alternate count, that had the last leg of the ending diagonal being truncated and should open for a decline towards the 129.20 - 130.50 area.


Gold keep moving higher. I still expect that we are in the last stages of the rally, that began in 1999. Looking at the hourly chart above the best fit is, that an expanding ending diagonal is forming. That would call for a test and most likely an overthrow of the resistance line near 1,730 before finally tipping over.
Only a break below 1,639.59 would indicate that the top is in place.

Crude Oil has behaved pretty much as expected. We could be close to end red wave iii, but we are in wave iii and it's very hard to pin point the bottom, but again it should be for a correction towards the 86 - 88 area before the next leg lower kicks in.

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