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Monday, October 3, 2011

Elliott Wave analysis on EUR/USD; AUD/USD; S&P 500; Gold and Crude oil

EUR/USD has almost reached my next target at 131.35 at this point and with the current speed I would not be surprised to see a deeper decline towards 128.65.
As long as resistance at 132.36 and more importantly 133.10 isn't broken to the upside the pressure will be down, that said we are oversold in the short term and should be on alert for a bottom soon.

AUD/USD has broken the lower Pitchfork support line, which could mean acceleration to the next target at 92.11 or that the short term decline is about to get exhausted. As we are entering wave iii down we must accept the possibility of acceleration as the most obvious call.
Short term it will take a break above 96.72 to ease the downside pressure.


S&P 500 broke important support at 1,110 and the close below the neck-line has activated the shoulder/head/shoulder top with a 813 target. Short term the neck-line now acts as resistance.

Looking at the MACD-indicator we are nowhere close to be oversold so the next important support at 1,019 should soon be seen.


Gold is looking better, but nothing is really settle yet. It's still an open question where we are headed higher (my favorit option) of we will see a new test of important support near 1,500, which if broken will open up the downside.


Crude oil is on its way down towards my 72 target. we should soon see support at 76.08 broken confirming the next leg lower. Resistance is now at 79.58 and should not be broken as a break above here will ease the downside pressure and give us a new test of strong resistance at 84.

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