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Wednesday, September 12, 2012

Elliott wave analysis of TLT, Facebook, Gold and Crude Oil

 TLT (Barclay's 20+ Year Bond Fund) - I'm still looking for much lower levels in here. If my count is correct we should see a move down to 111.72 as the ideal target for red wave iii.
By the way have you noticed, that the correlation between US-bonds and USD/JPY suddenly isn't there any more. This is how correlations work one day they are there and the next they are not. As I said in my post from September 7 ( you can see it here http://theelliottwavesufer.blogspot.dk/2012/09/elliott-wave-analysis-of-eurusd-usdjpy_7.html)
I don't understand the connection between the two and nobody has been able to explain the correlation, that many traders meant where there, but now has disappeared PUFF!
 Facebook - First see my posts here: (http://theelliottwavesufer.blogspot.dk/2012/09/is-facebook-just-58-from-important.html and http://theelliottwavesufer.blogspot.dk/2012/09/facebook-bottom-in-place.html).
We did indeed have a bottom at 17.55 just above my ideal 17.01 target. If you bought FB at 18.06 you would have been 12.92% in the money by now and I do think we still have a lot of upside to cover from here.
 Gold - Has been much strong, than I first expected, but we are closing in strong resistance in the 1,770 1,790 area, but if we break above 1,790 I will have to adopted a much more bullish count calling for a rally above 1,920.74, but as long as resistance at 1,790 holds firm I will keep my bearish count.
Crude Oil - Resistance at 97.86 has held nicely till now, but the failure to break clearly down after the break below the ending diagonal support-line does open the possibility for one more rally higher towards 100 and maybe even 103 before a firm top will be found for a break below 95.32, that confirms the top.

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