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ES, CRUDE, GOLD, EUR/USD Morning update

10/18/11

7:13EST

EUR/USD

Yesterday we pushed of from the key support pivot at 13659;

Therefore the move is up to 14037

Currently 13808 and 13763 are marginal support pivots

I show we have a pullback at 13896/13699 as such 13808 comes into play as support

 

Gold:

Yesterday we closed above 1649.70; therefore the upside stays alive

1666.60 is pushing the gold, (3 attempts); it’s a compression crossover of two different floating walls

From yesterday last update “It needs to hold 1657.00 to continue up (key resistance) then 1666.60 is the last resistance level”

We now have a new OAV at 1666.60; it’s the 10/7 to 10/10 pattern (1627.60 up to 1681.50) connected to yesterday’s new pattern; as such 1666.60 is the 2nd most important OAV. The 1st is 1635.40; although its more or less a 2//3 day; meaning only after 2 or 3 days do we know what we have. But the 1666.60 OAV is better in terms of trading; because one complete bar (60m) above it confirms the potential move up, one complete bar (480m) confirms the move up. The move up is to 1766.40; with various stops (pullbacks on the way) the key support OAV is now at 1652.80 (480m)

In conclusion above 1666.60 is a clear cut buy signal

As such 1689.10 is the first profit taking level

1690.00 is the key closing regarding the upside

 

Crude: (November contract – on Monday I rollover to the December contract)

No major change from the last update

Last update “We never reached the support pivot at 85.40

Therefore the move should be up to 89.31”

Minor change

Up to 90.47

90.75 is the Major resistance level, although at the 89.52/89.72 it become unclear, because it’s a previous compression hole

now above 90.47 we have no major resistance until 98.38/99.50

a move up directly to 92.43/92.51 would not surprise me, at 92.43 we have a big up extension (94.59)

 

ESZ11:

Not clear I prefer to update when its clear to me, but according to the crude; its immediately up to 1235.50/1238.00; bear in mind we still have 82 hours remaining for this particular up time cycle.