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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • Lower Stock Market Is Pushing The USD Higher Against The Majors-Elliott Wave 0 comments
    Jun 20, 2013 5:10 AM | about stocks: GOLD

    European stock market is sharply lower today following yesterday sell-off on US equities after Ben Bernanke who said yesterday that if the economy continues to improve, it could start to wind down its $85 billion a month asset-purchasing program towards the end of 2013 and end it in 2014.

    Metals are moving sharply lower, with gold testing now psychological level at $1300 and silver $20. We could see some technical bounce from here especially if we also consider Elliott Wave pattern which suggests that price is at the end of wave iii), now testing 261.8% Fibonacci support. As I know a lot of our clients were shorting gold since June 10. If you are one of them, then I suggest you to close some % and make very tight stops.

    GOLD 1h

    (click to enlarge)

    E-mini S&P500 is also looking weak since yesterday where we can count now five waves down from latest high. This is impulse that confirms the change in trend; from bullish to bearish mode.

    E-mini S&P500 1h

    (click to enlarge)

    EURUSD also extended its decline in the last hour or so, which means that correlation between EURUSD and stocks are normal for now. USD is safe-haven in risk-off mode so normally traders will be interested in Long USD opportunities.

    Market Correlations 1h

    (click to enlarge)

    Stocks: GOLD
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