Elliott wave analysis of EUR/USD; EUR/JPY; EUR/NZD and Crude Oil

 EUR/USD - Big flat correction developing. We are currently in the c-leg, which should decline to 1.2740.

 EUR/JPY - We have just seen the top of wave 1 from 94.10 to 104.59. We should now be looking for wave 2, which is expected to unfold over the next month and cause a correction of at least 422 pips.

 EUR/NZD - The break below 1.5904 and more importantly 1.5788 has told us that wave ii is still unfolding. Wave ii is an expanded flat correction and should ideally reach 1.5635 before we can expect wave iii higher to begin.

Crude Oil - Is headed for a test of the support-line at 82.88 and a break below here confirm a continuation down to at least 78.62 and likely even lower.

Elliott wave analysis of EUR/USD; EUR/JPY; EUR/NZD and Crude Oil

 EUR/USD - Blue wave iv seems to be well under way. The first target at 1.2955 has almost been touched, but I would not be surprised to see a deeper decline towards 1.2815, before blue wave iv finally finds its bottom. That said, we should expect this correction to be complex in nature as blue wave ii was a simple but deep correction.

 EUR/JPY - Here we are working on black wave 4, which I expect will decline towards 101.53 as the first target, but we could see a deeper decline towards 100.13. The correction should be a complex correction as black wave 2 was a simple deep correction.

 EUR/NZD - I do expect a break above 1.5902 soon. A break which will confirm that wave 3 is well under way. A break above 1.5902 will confirm the next rally towards at least 1.6522. As long as resistance at 1.5902 hasn't been broken the risk is, that we are looking at flat correction which will call for one more decline to just below 1.5578, before wave 2 is complete.

Crude Oil - With the break below 93.95 the odds now favor, that wave 2 ended at 100.43 and that we should now see a powerful decline to below 77.29 longer term.