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Thursday, September 22, 2011

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

EUR/USD - After a little confusion as FED annouced it's "Operation Twist", where we saw a quick spike to 137.88, we saw a equally qucik sell-off towards support at 134.99. I still look for a break below 134.99 for a move slightly lower to 134.55, from where I expect a short term rebound.
Longer term I'm looking for a decline to below 123.78.

Gold - What's up and what's down here... Are we seeing a triangle or not? At this point I simply don't know, but I will go with the break which ever way we break.
Below 1,768.89 we should see a move down to 1,665
Above 1,827.36 we should see a rally towards at least 2,031.

Crude Oil - Is acting in accordence to my expectations. It's however much slower than I had expected. A break below 83.30 should accelerate the decline towards 76.08 and my target area near 72.

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