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Wednesday, October 3, 2012

Elliott wave analysis of EUR/USD; EUR/JPY; EUR/NZD; Aplle and Natural Gas

 EUR/USD - I'm looking for a move closer to support at 1.2876 from where we will likely see the next powerful rally towards 1.3095.
 EUR/JPY - Is working in tandem with EUR/USD and we should soon see a powerful rally higher towards 102.10 and a break here confirms a continuation higher towards 130.85 and the first target for wave 5 at 104.57, but I do believe we might even see 105.69 before wave 5 finally tops out.
 EUR/NZD - The rally from the 1.5453 low is clearly impulsive and we should now see support at 1.5621 for a move closer to the 1.5902 high. As we are now in wave 3 we should expect correction to be shallow and sub-normal. If my count is correct, this is the wave you will want to ride...
 Apple - It's not yet confirmed, that we have seen the top of wave 3, but we have the first good indications, that momentum is weakening. The last rally from 522 saw some nice wave relationships. Wave iii was 2 times longer than wave i and wave ii was a rare running correction. Finally we have seen a break back into the base channel, which also argues for more weakness to come.
Natural Gas - It has been a while since I last looked at Natural Gas (you can see my last post here:  http://theelliottwavesufer.blogspot.dk/2012/08/elliott-wave-analysis-of-eurusd-usdjpy_24.html)
The count that I showed on August 24 has pretty much turned out to be correct and we have now entered the powerful wave 3, which should take us much higher. I will look for 4.40 as the first target, but we should expect 4.90 to come under pressure too.

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