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Monday, September 12, 2011

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

EUR/USD - The decline continues and I'm looking for a continuation towards 133.23, from where we should see a short term correction/consolidation. Longer term we should see a continued decline below 123.28, the bottom of wave [A].


Gold - A test of the S/H/S neckline at 1,800 should soon be seen. A break below the neckline will open up for a continuation towards the 1,667 area and maybe even deeper. However we need to take a careful look at the priceaction as we close in on the 1,667 target area, as that easily could be the end of the expanded flat corretion.



Crude Oil - Is closing in on support at 84.90 a break below here will confirm, the next leg lower towards the 72 target area. On the way down we will see support at 83.36; 79.26 and 76.09.

The break below 84.90 should accelerate the decline.

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