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Friday, October 12, 2012

Elliott wave analysis of EUR/USD; EUR/JPY and Natural Gas

 EUR/USD - The triangle concept is working very well. We have just seen a peak almost exactly at my minimum target at 1.2991 and after a minor set-back towards 1.2928 and maybe even 1.2908 before the next move higher towards 1.3016, which will likely end the D wave of the triangle.
 EUR/JPY - And EUR/USD continues to trade in tandem and here too the triangle concept is working very well. We have seen a move to just above 101.84 and here too we should a small set-back before the last minor move higher to something like 102.26 to end the D-wave and then the final E-wave lower.
Natural Gas - Has now reached my first target at 3.62, but I do think that we will see NG much higher. Looking at the chart above we can see that we have broken above the base channels resistance-line, which is a wave 3 phenomenon and normally indicates than an extension will be seen. Longer term I'm looking for a move higher towards 5.00 and likely even 6.00.

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