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Friday, October 21, 2011

Elliott wave analysis on EUR/USD; S&P 500; Gold and Crude Oil

EUR/USD - Tested support at 136.52 yesterday without the power to break through. On the other hand on the upside the upper red Pictfork resistance-line is respected too, so until we see a clear break we will more or less trade sideways.
I still prefer a break to the downside for a decline towards 133.50.

S&P 500 - Support 1,192.62 is still intact, which keeps the uptrend alive, but I still think that support at 1,192.62 should soon be tested and a clear break below this support will open up the downside for a decline towards the 1,150.50 - 1,153.85 area.
Resistance is now at 1,234.84.


Gold - Back testing the broken supportline near 1,634. Expect this former support now resistance to hold for a continued decline towards important support near the 1,530 area.


Crude Oil - The best short term count at this point is, that we had a five wave decline from 89.66 to 84.10 as wave i and now are in wave ii, which ideally should see us up to 87.44 - 87.60, before the next decline sets in. The is a small chance that we have already seen the top of wave ii, with the test of 86.81, but we need a dicret break below 85.04 to confirm that possibility.

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