Elliott Wave analysis of EUR/USD; USD/JPY; GBP/USD; EUR/JPY; EUR/NZD; SSEC; Gold and Crude Oil

 EUR/USD - Here I'm still looking for one last move higher towards 1.2650, but we should be very close to a top now for red wave 4 and once in place red wave 5 should take us down below 1.2040. Once we have the final top of red wave 4 in place I will calculate the ideal target for red wave 5.

 USD/JPY - Important support at 78.15 still holds firm and therefore I will keep my bullish count even though I'm very much in doubt if it's valid. However just one tick below 78.15 and my bullish count is out the door. That doesn't mean we will see a collapse in this cross, we might just see it a little lower before a new rally, but the overall bullish count will be of the chart and my top alternate bearish count is that we are in a triangle and that a break below 78.15 will finish the D-leg and a rally higher in wave E is under way. But as said that's my top alternate bearish count if we break below 78.15 until then my bullish count stands.

 GBP/USD - We have seen a slight break above the ideal red wave ii target at 1.5899, but I still think that this count is the best count, but even if we manage to break the 1.5912 high we should only see a minor follow through towards 1.5925 before wave 2 is over and the downside pressure will build for a break below 1.5873 as the first minor confirmation that a top is in place, while a break below support at 1.5753 confirms the top. I still think that this cross offers us a low risk selling opportunity here with a stop at say 1.5950, but played more conservatively you could wait for a break below 1.5873 with a stop just a few tick above the top.

 EUR/JPY - One last rally towards 99.36 will do the job and finish red wave 5 and black wave 3. There is still a possibility that the ideal target at 99.59 will be seen, but the wedge like shape the red wave 5 has taken doesn't leave much room to the upside. However once this red wave 5 and black wave 3 is in place we can expect a shallow correction in black wave 4 towards 98.30 and maybe even down to the 97.65 - 97.80 area before black wave 5 is ready to see us up towards the 101.40 - 101.60 area.

 EUR/NZD - We are clearly in an extended wave three. The correction is sub normal, which is often the case in strong third waves. However it seems like we have maroon wave v and green wave iii in place at 1.5830, so we can expect a new shallow correction towards 1.5710 and maybe even 1.5687 (I would not bet on the later correction-target) before green wave v takes us up to at least 1.5870 and likely even 1.5950 if the correction in green wave iv only takes us down to 1.5710.

 Shanghai Composite - The stealth decline I have spoken about a number of times continues here. If the stock market is a barometer for the economy, then things are bad in worsening in China, but then in China nothing is as in the rest of the world... LOL!
The ideal target for wave 3 is just below 2.000 and it should be followed by a shallow flat or complex correction back towards the top of red wave iv near 2,175, which also marks the 38.2% retracement target of wave 3.

 Gold - We have seen a slightly new high and I'm still looking for a little more upside towards the 1.699 target before the next push down towards the strong support near 1.521 will be seen. A break below 1,581.50 will be the first warning, that the top is in and downside pressure is rising.

Crude Oil - The break back into the wedge does open for a slightly higher high just above 98.30, but don't expect much above 98.30 before a break below 93.95 confirms the top and that a new decline to below 77.29 is under way.