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

EUR/USD - We are looking at a short term correction to the downtrend. Short term we could see a move higher towards 137.46 and maybe even up to the 138.23 - 138.35 area, but the trend is down and longer term we should see a move down below 123.28 in wave [C].

Gold - We have seen the test of the neck-line (purple) and for now it's holding firm, but sooner or later I do expect it will break for a move lower towards the 1,667 area.

Short term we will see resistance in the 1,842 - 1,844 area.

Silver - (no wave count here) Yesterday we saw a break below the support-line at 40.07, but we closed back in the trading range. I do expect more downside pressure, but we need a break below 40.07 to confirm the breakout. Normally the move following a breakout of a pennat like this is usually very powerful.

Copper - (No wave count here too) Is a little like Silver. We saw a test of important support yesterday and if support at 388.90 breaks we should see a very powerful move to the downside here too. However as long as support at 388.90 stays firm the uptrend is intact, but copper need to regain 402 to give a more neutral look and 417 to force a new test of the resistance-line at 446.

Crude Oil - Support at 84.92 held once again for a reaction back, but it should only be a question of time before this support-line is tested again and the next test to break below should be successful. Only a break above 90.22 will invalidate my bearish count.

Longer term I look for a decline to my target near 72.

Gold, silver and copper - Topping!

As can be see above gold, silver and copper are all topping. If we are looking at a major top remains to be seen, but all should at least see a period of correction. Copper and silver has been the leaders since the low in late 2008 and they should lead the way down too, while gold most likely will be the lacker.