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Monday, September 19, 2011

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

EUR/USD - With the break below 137.00 is should be safe to conclude, that we are headed lower towards 134.99 and 134.55. However we are left with quiet a big gab between 137.31 to 137.80, which we might see the market trying to close, therefore we must accept a minor rally towards 137.52 and maybe even 137.80, before the next leg lower.


Gold - The break back above the neckline has weakend the S/H/S top, but only a break above 1,844.39 invalidates the formation all together. I still look for a move down towards support near 1,665. However the break back above the neckline, could be a warning that something different is building. It could be a triangle, but for now I keep my original view of a move lower towards 1,665.


Crude Oil - Is flirting we support at 86.75. I still expect a clear breakdown soon for a move down to 76.08 and the 72 area longer term.

Untill we have a break below 85.03 we must accept a minor rally towards 87.89 before the next leg lower.

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