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

Take care for "I'm Back". Two week of eventful traveling in the Philippines is done. So it's time to get the hands dirty again...

Junk Bonds - Let's start with the two benefits, as they might be a good clue for where we are headed next.

After the breakout from the large Diamond Top-formation in early August we have just witnessed a nice back test of the former suport-line now resistance-line and should be ready to the next deep decline towards the Diamond target at 32.60.

Copper - The next benefit chart is pretty much in the same position as Junk Bonds. After a perfekt rally back to the resistance-line back from early August and should now be ready to challenge the all important neac-line support near 303 and a break below here will open up the downside for a decline towards 126.
At this point only a clear break above 358 will delay the downside action for a move higher towards 400 before down again.

EUR/USD - Found its top way ahead of resistance at 143.70. In the short term picture we can see "Hidden divergence", which agrues for a powerful move to the downside soon. I do expect resistance at 137.60 to hold for a decline towards 133.15 and 131.45 soon.

S&P 500 - Do we need one more new high closer to the 1,313 - 1,325 area before we will be ready for the next decline towards 1,100 in the beginning of 2012? If we do support at 1,215 will need to protect the downside. Any break below 1,215 will agrue, that the decline towards the important support at 1,100 has begun.

Gold - The break above 1,793 has forced me to change the short term picture. I have a problem with the rally from 1,534. It doesn't look impulsive to me, which is why I look for a new decline towards the 1,500 area soon. A break below 1,760 and more importantly 1,735 will confirm a decline to at least the 1,625 area.

A break above 1,803 will invalidate the downside pressure and call for a new rally higher towards the 1,911 high.

Crude Oil - Here we have just seen a prefect 61.8% correction of the decline from 114.83 down to 74.95, this should be enough to return the pressure to the downside again. A break below 94.85 will confirm a top and that a new decline towards 75 and possibley even lower.

Looking at the MACD-indicator we also sees a clear negativ divergence at the 99.59 high, which indicates coming weakness.