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OIL: Top in Place


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Nov 15 2010

Oil reversed very sharply from 88.50 area, and fell through the red support in the past week. Personality of a decline and a daily close below red line confirms that temporary top is in place and that prices are headed lower, towards the 82 region. As such, we will be looking for a three wave decline since we believe that five wave, impulse structure from 72.60 region is finished.

4h chart:



30min chart

Five waves down on 30min chart confirms a bearish reversal, so we will likely see much lower levels in coming days, once a corrective wave 2 is done. Wave 2 may retrace even to 87.00 area before prices fall deeper. Top at 88.57 must hold now.


Aud/Usd Intra-day: More Strenght To Come
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Nov 09 2010 02:50 EST

Aud/Usd moved lower during Asian session, driven by lower stocks prices and formed a clear corrective decline from 1.0181 region, called a double zig-zag pattern in wave 4. Bottom of this choppy overlapping structure should be very near, so no doubt, new highs are expected!



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(Video) Temporary Top In Place On Eur/Usd!?
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Nov 07 2010

Eur/Usd reached new highs in this past week, but was very bearish on Friday, which actually could lead to some deeper decline in the coming week. In this free Elliott wave video, we will present you the main technical reasons that could drive the Eur/usd lower, maybe even towards 1.3800 region, while the 1.4280 top is in place.


(Video) More US dollar Weakness?
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Nov 02 2010

Elliott Wave Video Update (Eur/Usd, Aud/Usd, Usd/Chf, Oil)

Global markets are trading higher since the GDP numbers were released on Friday, pushing the US dollar lower across the board, especially against the Australian dollar as the RBA unexpectedly hikes rates to 4.75%.

However, in this free Elliott wave video review you will notice that US dollar is not headed lower only against Australian dollar, it also looks bearish against the Swiss franc and Euro which should break out of the triangle structure soon!



(Video) Usd/Jpy Upade
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Oct 30 2010

Video- Usd/Jpy Update of an article "Usd/Jpy: Bullish Reversal!?" (scroll down)

We were looking for a Long opportunity on Usd/JPy in the past week, but prices fell into a new low on Friday; And here is the great question from a reader "How can Elliott Wave Theory explain a 5 wave move of the lows being fully retraced in USDJPY?"

Answer in the video



(Video) Elliott Wave Review Ahead Of The GDP
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Oct 29 2010

(Video) Elliott Wave Review Ahead Of The GDP


Usd/Jpy: Bullish Reversal!?
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Oct 28 210

Usd/Jpy: Bullish Reversal!?

Usd/Jpy formed a sharp impulsive downtrend over the past few weeks, from 85.95 top, which was established after the BOJ intervened in September. Obviously, intervention did not work as pair formed a nice five wave, called an impulsive decline with a recent low at 80.40. Always when five sequence is finished, a correction in the opposite direction occurs; and this is exactly what is unfolding right now on Usd/Jpy. In Elliott Wave theory a correction is always structured minimum by three waves, and since we can see only one leg from the lows we anticipate at least one more push higher after a wave (2)/(NYSE:B) pull-back is finished. Another evidence for a temporary change in trend is also a broken trend line, connected from 85.95 highs, which may react as a support in the near future, plus bullish divergence on the RSI.

Usd/Jpy 4h chart:



If we go down to 1h chart, then we can see that an impulsive structure from 80.40 found the top yesterday, somewhere around 82.00 region, from where market formed a three wave of decline, which should be a corrective A)-B)-C) move within a blue wave (2)/(B). Traders may keep an eye on a significant support region shown around 81.00-81.15, from where upward continuation could be seen. Wave count and bullish bias remains valid as long as the pair trades above 80.40 lows.


Usd/Jpy 1h chart:




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Disclosure: no pos.