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Thursday, September 8, 2011

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

EUR/USD - We are consolidating in the 139.61 - 141.25 area, but it should soon resolve in the next decline towards minor support at 138.35, this minor support should not be able to protect the downside for long.
Longer term I'm looking for a decline to 128.71 as part of wave [C].

Gold - Wave C of the expanded flat is progressing according to plans. I'm looking for a break below 1,793.19 to confirm the next leg lower.
A break below 1,793.19 will also activated a minor S/H/S top with a 1,661 target.
Short term only a break above 1,877 will be of concern.

Crude Oil - We clearly wasn't in a small wave ii, but the decline to 83.08 was an "x" wave and we are now close to ending wave z and wave (iv). As can be seen, we are about to terminate a wedge pattern and a break below 89.03 will be first indication, that the top is in place, but we need a break below the support line near 84.40 to confirm the next leg lower.
Longer term I'm still looking for a decline towards 72 as wave (v).

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