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Friday, September 2, 2011

Elliott wave analysis on EUR/USD; Gold and Crude Oil

EUR/USD - The break below 142.85 is beginning to look more convincing, but we need a break below 140.54 to confirm, that we had a truncation at 145.46. If the dollar is about to show more strength, the equity market, commodity market and AUD, CAD,NZD, SEK and ZAR is in for a rough time.


Gold - Not much to add here. I'm still looking for a top being close by, marking the end of wave b or ii calling for a decline below 1,702.44.

If we manage to break above 1,839.40 strong resistance will be found just above at 1,852.16.


Crude Oil - We have now tested my target near 90 and the last part for the rise has taken the shape of an ending diagonal and it should now be a question of time before we see a break down and the beginning af wave v down towards 72.

Short term a break below 88.22 will be first indication that the top is in place, while a break below 86.48 confirms the top.

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