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Wednesday, September 21, 2011

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

EUR/USD - I'm still looking for a move lower towards 134.99 and 134.55, but we need a break below 136.45 and more importantly 136.05 to confirm the move lower.
At no point should we see a rally above 140.37 as that would invalidat the bearish count and deem the decline from 145.49 as a correction.

Gold - Is a triangle thrust to the upside just around the corner? We need to break above the triangle wave-d top at 1,827.36. Any break above the d-wave top will confirm the next rally towards at least 2,032.

At no point can we accept a break below the d-wave low at 1,762.74 as that would invalidate , this as a wave-iv triangle and call for a decline towards 1,665.


Crude Oil - We have now see the break below the rising wegde, which does call for a decline back to 76.08 on the way to my target area near 72.


We should not see a move beound 88.64, as that would cast doubt over my count.

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