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Friday, December 2, 2011

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

EUR/USD - Support at 134.15 protected the downside perfectly, which keeps the possibility of a continuation higher towards 136.06 alive. If resistance at 136.06 is tested it should pose a good selling opportunity for the next pressure to the downside for a test of support at 133.20 and more importantly 132.10.
A break above 136.06 will call for a move back towards the 138 area, but I serious doubt this scenario.


USD/JPY - Decision time coming soon. I still look for a move higher towards the long term resistance line near 78.95, but a clear break above here will open up the upside for a much bigger rally towards 115.

However as long at resistance at 78.95 is not broken, we must accept that the long term trend is down.


S&P 500 - We are at important support, which should protect further pressure to the upside for a break below 1,232.88, which will confirm, that some kind of top is in place, but we still need a break below 1,196.86 to really add to the downside pressure.

Also notice the "Hidden Divergence", which normally warns for a powerful move coming (here to the downside..)


Gold - Is a resistance, which I expects will force the next move lower towards 1,643 and maybe even a test of the very strong support in the 1,574 area.

It will take a clear break above 1,765 to relieve the downside pressure.


Crude Oil - Not much to add here. Still trying to gain upside, but time is running out and a break below 99 will call for a decline towards 95 and possible also 86 on the way below 75 again.

Could we make one more new high closer to 102? Yes, but that should be it...

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