EUR/USD - Found a bottom at 131.44 (just 9 small pips above my 131.35 target. That concluded a five wave decline from 145.48 down to 131.44, which is just wave 1 of wave [C] down.We should now see a correction back to wave iv of one lessor degree, which comes in at 136.89. The 38.2% correction target of wave 1 comes in at 136.81, so we should expect strong resistance in the 136.81 - 136.89 area.
Gold - Is still pretty undecided. We could be in a small c-wave of wave 2, which should bottom just below 1,582.79 setting the stage for the next rally higher towards 1,725.However we could as easily have seen the end of a correction that started at 1,534.49 and is ready to make an attempt at important support at 1,500.
Crude Oil - we have seen a new low since the 114.83 high on May 2. I'm still looking for a decline to my 72 area target and expect resistance at 78 and more importantly 79.58 to hold for the next decline below 75.
I looking at your gold chart analysis..
ReplyDeleteits correct for wave 4 at 22sept 2011 to enter price territory of wave 1 ?
Hi Hidayahoo1
ReplyDeleteNo it's not correct for wave 4 to enter the price territory of wave 1. That's why I wrote on October 2, that the only valid count if we should see new highs above 1,919.49 is an expanding ending diagonal, where it would be okay for wave 4 to enter the price range of wave 1
See my post here: http://theelliottwavesufer.blogspot.com/2011/10/elliott-wave-analysis-on-eurusd-gold.html
As wave 4 entered into the wave 1 range the bullish case got much more uncertain, but as long as 1,500 isn't broken to the downside I will keep the bullish count as the slightly favored.
Regards
EWS
thanks for your explaination
ReplyDeleteim still in process to learning about EW and still got fuzzy this thing :|