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

EUR/USD - We saw some wild swings yesterday, when the Swiss National Bank (SNB) draw the line in the sand saying EUR/CHF 120 and no less... In the confusion just after a lot thought that it was a go to "risk-on" again, but CHF can no longer be usede as a measure in regards to the risk in the financial markets. We will have to look elsewhere and that is primarily USD, JPY and to a lessor degree NOK and SGD. The two later is to small to absorb the amounts leaving CHF to find a new safe-haven. That brings us back to the EUR/USD. After a swift rally to 142.75 reality stroke and we saw a quick return below support at 140.54 confirming that we have an important top in place at 145.46. The next important support is at 139.68 (we saw a stop just 3 small pips above this support). A break below 139.68 should accelerate the decline towards 128.63 and even lower longer term.

Gold - My call for a flat correction is playing out nicely and we should now see a decline below 1,813.54 confirming a decline to the 1,700 area. The small break above 1,911.46 could indicate, that we are looking at an expanded flat calling for a decline below 1,700 towards 1,628 and possibly even 1,578. The C-leg in and expeanded flat could be even deeper than the above targets, but lets see how the decline plays out.

For the longer term we now know we haven't seen the final top and a new higher high will be seen, when this C-leg is done.

Crude oil - Meet strong support near 83.08 and we are currently in a small purple wave ii, which should soon be over and turn the price-action to the downside again. A break below 86.19 will trigger the next test of support at 83.08 and below here should accelerate prices down to 79.26 and 75.09 and the way to my target in the 72 area.