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Wednesday, November 23, 2011

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

EUR/USD - We finally got the break below minor support at 134.20 and should now be headed towards the green Pitchfork support line near 132.85. If this support breaks too we should see a much deeper decline in EUR/USD.
I do expect support at 132.85 to be broken, but it will probably be a serious fight.

S&P 500 - We are probably about to end minor red wave 1 of black iii down, which should cause a minor consolidation, but remember we are in wave iii down and reactions tends to be shallow in wave iii.
Longer term we should see a serious test of the neck-line support at 1,085.

Gold - 1,635 here we come. I expect this support to be broken for a continuation down towards important support at 1,600. If support at 1,600 breaks as well, we could be looking at a much deeper decline over the coming months.
But for now lets see what happens at 1,635 and likely at 1,600.


Crude Oil - A minor Shoulder/Head/Shoulder top seems to be building. A break below the neck-line support at 95.30 we should see a quick move down to the 86.90 87 area.

Longer term I'm looking for a much deeper decline below 75 towards the 36 - 37 area.

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