Ewj: elliott wave

Crude Oil went DOWN as Wave V]IV)Ca]1 in clear 5-waves pattern to as low as $91.51 ,
then rebound as Wave V]IV)Ca]3)2 from top of Wave V]IV)Bc]3) to $95.10 then retreated.
Wave V]IV)Ca]3)2 might have ended or may end near $96.35, and should be followed by Wave V]IV)Ca]3)3-4-5
to below Wave V]IV)Ba] top at $87.15 to confirm a triangular correction .
From June 16, Gold rose in 5-waves pattern, this may be Wave 5.5:1-:5 of Wave 5 failure or Wave 5.5:1i-v of "$1600 Wave 5".
Silver no change.
US Dollar Index got a Wave 5 failure :eek: ,
and bound between MA(50) and MA(200) .

 

Crude Oil may meet some resistance at measured move around $96.20 .
Wave V]IV)Ca]3) may begin there .

 

SPX may meet some resistances near 1300, i.e., round number, parallel line, April 18 closing low .

 

INDU met some resistances at 12200, i.e., 50% retracement, April 18 closing low .
Note: A "HangMan" CandleStick is forming .

 

SELL Signals occurred at resistance levels as expected .
Dark Cloud Cover for INDU and SPX.
Shooting Star for TRAN and NASDAQ.
Evening Star lookalike for UTIL.
The problem is "This is Wave V]IV)Cc]5) or Wave V]V)I1.2?" .

 

Everything sold-off with EURO .

 

June 16 - June 21 rally turned out to be Bull Traps :eek: .

 

The rally around 3pm today looks pretty good, hope it can start a market up swing again.

 

Crude Oil dropped below $90 :eek: .
This may be Wave V]IV)Ca]5) which may be equal to 1* or .618* Wave V]IV)Ca]3) and end at $84.5 or $87.5 to close the gap .
Note: Concert actions to peg Crude Oil @ $70-$80 .
1) Prince Alaweed Says Saudi Arabia Wants Oil Price $70-$80 A Barrel.
http://blogs.forbes.com/robertlenzn...-saudi-arabia-wants-oil-price-70-80-a-barrel/
2) Airlines in EU biofuels pact to cut pollution.
http://www.reuters.com/article/2011/06/23/uk-airshow-biofuels-idUSLNE75M02Y20110623
3) Fed Cuts Growth Forecast.
http://www.marketwatch.com/video/as...1-06-22/84333347-D11A-4F7C-899A-499CF869065B#!84333347-D11A-4F7C-899A-499CF869065B
4) US and others plan biggest release of reserve oil.
http://finance.yahoo.com/news/US-an...tml?x=0&sec=topStories&pos=main&asset=&ccode=

PEGGED: $USD-Crude Oil-Food Price Triangle.

 

Bearish patterns in commodity charts :eek: .
Lower low in Crude Oil, target $87.50.
Pennat and MACD SELL Signal in Silver, target $31.29 or $27 if breakout.
Multiple Big "M" patterns, Trendline break, MACD SELL Signal, target $1460 and $1400.