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Thursday, November 24, 2011

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

EUR/USD - We have now more or less seen the test of the green Pitchfork support-line and it has until now done its job, but I doubt this support will be able to fight off the pressure and when it breaks the larger red Pitchfork takes over and pressure of the EUR will increase.
For now expects short-term resistance in the 134.19 - 134.29 area to hold for the next decline below 133.18.
A surprise break above 134.29 will open for a test of strong short-term resistance at 135, which will have to protect the upside or will we see a return to the 138.66 - 138.92 area.

S&P 500 - I think it's about time to a minor correction towards the 1,188 - 1,198 area, before the next serious assault to the downside. Remember we are in wave iii down and corrections tend to be shallow.
Longer term I looking for a more serious test of the S/H/S neckline near 1,085 and a break below here will turn the picture very ugly.

Gold - Not much to add here. We should soon see a more serious test of important support near 1,589 and a break below here will leave the downside open for attack. It will also remove the possible count, that we only saw the end of wave iii of 5 at 1,920 and enforce the count, that we saw an important top at 1,920 and a much deeper decline is in the works.


Crude Oil - The neckline support at 95.35 is still holding up, but for how long? I don't think it will last too long and when it break the S/H/S target will be near the 87 area.

Longer term however I'm looking for a much deeper decline below 75.

2 comments:

  1. I just wanted to thank you for your fantastic analysis. I visit every day. Please continue with the USD/JPY analysis in the future.

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  2. Hi ND!

    Thank you very much!

    I will add USD/JPY to my more regularly updated currency pairs

    Kind regards
    EWS

    ReplyDelete