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Monday, September 26, 2011

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

EUR/USD - It seems as we have stallt just above ideal target at 133.54 with the low of 133.61. I now look for a move higher towards 137.20 and maybe even 139.28 before the next leg lower.
We have a clear positiv divergence on the MACD-Indicator adding confidence in the view of a short term bottom.


Gold - Has fallen very hard the last couple of days, and the clear break below 1,665 is of concern, but only a clear break below 1,500 is need to turn more negative. However we also need a break above 1,650 to ease the pressure towards the downside and call for a move higher to 1,720.

Just a short note about Silver. We saw a decline to 26.04 in early Asian trading, which was just below the target area I mentioned yesterday. I still think that this should be the end of wave iv of 5 and we should now see one more rise in wave v of 5 towards 53.36.
Short term a break above 31.04 will be the first minor confirmation, that we have seen a bottom at 26.04.

Crude Oil - Is headed for support at 76.08. Acturally we might already have seen a minor bottom at 77.18 for a reaction back towards the 80 - 82 area, before the next decline towards my target area near 72 should be seen.

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