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Monday, November 21, 2011

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

EUR/USD - After a falsh break above 135.30 Friday we should be underway towards important support near 133. If support at 133 is broken too the green Pitchfork is dead and focus turns towards the red mid-line near 131 as first target, but this decline could be much deeper.
Resistance at 134.82 should now protect the upside short term (Support turns to resistance)

S&P 500 - After the break below 1,227 the possible bullish triangle many was looking at, was invalidated and focus is now for further declines towards 1,183 and 1,158, but longer term, I do expect, we should see support at 1,084 (neckline) break for a continuation towards 1,011 and 768 as the S/H/S target.


Gold - Is headed for support at 1,632 and most likely a full test of strong support near 1,591, this support should hold to keep the bullish count, calling for one more rally towards 2,036. If however support at 1,591 is broken the count switches to the more bearish count, which has the wave 5 top at 1,920.



Crude oil - Has now clearly broken the minor support line from 84.10 and we should now see a new decline towards this area again, but longer term I'm looking for a break below 75 towards the bottom of wave [A] near 34.

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