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

EUR/USD - Is finding support in the low 134 area, but it should only be a question of time before we see a break below here for a decline to more important support near the lower green Pitchfork support line. If we break clearly below this support, we will be looking at a more serious decline in the coming months.
But for now we should be looking for resistance near 135.30 holding for a break below 134.45 for a move towards the low 133 area.

S&P 500 - With support at 1,227.44 broken we can turn our attention to the downside for a decline towards the 1,149 - 1,158 area. On the way dow support will be found at 1,191.
Longer term we should see a more firm test of the possible neckline near 1,085

Gold - With support at 1,735 clearly broken now we can again turn our focus towards support at 1,630 and possible deeper towards the low 1,500 area longer term.

Crude Oil - Everything points towards a top in place yesterday with the test of 103.37. I must admit, that the rally from 75 has become much higher than I expected, but the triple resistance I mentioned yesterday seems to have done its job and turned prices down. Still we need a clear break below 97.92 to confirm the top, but I do expect that to be seen soon. Probably after a minor back-test towards the 101.50 - 102 area.

Shanghai Composite - After a couple of months correction we should be ready to challenge important support at 2,308 - 2,317 again. A clear break below this support will spell massive trouble for the Chinese economy in 2012.

Longer term my downside target is near 1,173.

Silver - The clear break below support at 32.50 should turn our focus towards support in the

24 - 26 area again. This area should hold or losses will be much deeper.