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Thursday, August 18, 2011

EUR/USD; Gold and Crude Oil

EUR/USD - Still not much action in this cross. I'm still looking for a break above 145.35 for a move above 149.39 to end the final e-leg in the ending diagonal, which has been building since the 118.75 low.
Any break below 140.09 will invalidate the bullish call and turn EUR/USD down in a major way.

Gold - I'm still looking for a break below 1,760 soon to confirm a new go at important support at 1,720, but we need a break below here to confirm, that we saw an important top at 1,813.79 and at the same time to activate the S/H/S top.
As we are looking at a minor wave ii we must accept the we can retrace almost all of wave i, but a break above 1,797 will weaken the call for a new test of support at 1,720 soon.


Crude Oil - The very best short term count is, that we are looking at a minor endning diagonal, which has just been activated for a decline towards the 84 - 84.50 area and a break below 84 will confirm that red wave iv is over and call for a decline to 72 in red wave v.

Resistance is at 87 (most likly stop); 88.11 and at 89.97.



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