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Tuesday, January 10, 2012

Elliott Wave and technical analysis on the USD-Index; EUR/USD; Dow Industrial; VIX-Index; Gold and Crude oil

USD-Index - Is still well within its rising channel. We should see support near 80.70, which I expect will protect the downside for the next rally towards the 82.60.
EUR/USD - The ongoing minor correction should meet resistance in the 128.15 - 128.53 area, which I expect will protect the upside for the next decline towards the mid 125 area.
Dow Jones Industrial - There is not much to add here. We are still looking at overhead resistance in the 12,400 - 12,500 area, which I expect will protect the upside for a break below 12,140, which will confirm, that a top is in place for a decline towards 11,735 and more likely 11,230.
VIX - Index - We just need one more new low to end the ending diagonal, which has dominated the picture since August 2011. The ending diagonal warns of a major decline in the DJI, once it's done.
Gold - Here too we are close to overhead resistance in the 1,643 - 1,663 area, which I expect will turn prices down again for a new test of the neckline support near 1,520.
Longer term I still looking for a decline towards 1,450 and 1,289.
Crude Oil - Here too we are facing overhead resistance near the 104 area, which I expect to hold for the next decline through 98.20 for a decline towards 92.50 and lower longer term.

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