Translate

Tuesday, December 6, 2011

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

My charting problem is still not fixed.




EUR/USD - has tested support at 133.35, but wasn't able to break below, so we need a little consolidation time before the next attempt will be seen. Any break below 133.35 will re-open for a new test at strong support at 132.05.



Short term I expect 134.00 to put a decent fight, but we must accept a move towards 134.35, before down.

USD/JPY - Still not much to add here. I'm looking for support at 77.29 to protect the downside for the next serious test of the long term trendline resistance at 78.70 and a break here confirms, that the test of 75.50 marked an important bottom.





Shanghai Composite - Is again close to important support at 2,310, if this support breaks we will be looking at 1,665 as the next long term target.


For now look for resistance near 2,380 holding for the more serious test of important support at 2,310.




S&P 500 - Found resistance at 1,267 and I'm now looking for a break below 1,247 to call for a decline to at least the 1,200 - 1,210 area. If this support area can't protect the downside we will see a new challenge of support at 1,159 and the neckline support near 1,085.



Gold - Is locked in a triangle shaped formation, which I expected will break to the downside for a more serious test of support at 1,689 and most likely 1,588 too.





Crude Oil - Has meet resistance at 102.44 and should now be headed for support near 97.05 and a break here will open for a continuation towards important support at 95. Longer term I still expect support at 95 to break too for a move towards the 86 area.

No comments:

Post a Comment