Ewj: elliott wave

Gold may have touched its upper channel line today.

 

The Bears have reach the final defence line of the Bulls:
Top of the supposed Wave 1] @ April 2010 high, a 38.2% retracement.
Beyond this expect more than 50% drop or DOWN to SPX 685 :eek: .

 

IF the Dow falls below April 2010's high it can fall further to 50% or DOWN to 6440 :eek: .

 

Next measured move will send Crude Oil to $86 or $85.5 as expected .

 

Crude Oil move DOWN right on target .
Next may be a rebound as Wave V]IV)Cc]3)4 ,
or Wave V]IV)Cc]4) ,
or Wave V]IV)D .

 

Most Head and Shoulders patterns reach targets .
We may be in Wave V]IV)C3] now ,
which could fall 50-60% :eek: ,
into 2012 the year Elliott predicted a Grand Supercycle Correction ,
which may be re-label as Wave IV]C)III.
Note: Wave 4] should not invade Wave 1]'s territory.
If this is not Wave 4] of new UP wave,
then it is Wave 3] or Wave III DOWN of previous DOWN wave.
Note2: Note "Ww" pattern in VIX,
if the small "W" confirmed VIX can go UP to May 2010's high,
if the bigger "W" confirmed VIX can go UP to Oct 2009's high.

 

This Crude Oil's rebound may be Wave Cc]3)4 .
Next may be Wave Cc]3)5 DOWN to $81.5 or $70 :eek: .

 

After Gold reaches $1666-$1700 target range,
Gold chart shows Evening Star Candle Stick pattern look-alike,
RSI is going to cut 70% line DOWN.
Silver tanks from $42,
Silver chart shows Bearish Engulfing,
RSI shows SELL Signals and divergences,
MACD shows second SELL Signal.
Crude Oil falls to new low,
confirms MACD SELL Signal.
US Dollar Index cut MA(50) UP,
PPO BUY Signal.

 

Gold still defies gravity because second target $1700 was not reached.
RSI may cut 70% line DOWN some day.
Silver's RSI and MACD show multiple SELL Signals.
Long Leg Star Candlestick, price may go sideway .
Crude Oil Wave IV)Cc]3) is longer than 1) and might have ended.
Wave V]IV)Cc]4) may go sideway around $85+-$4 for about one month equal to time used by Wave V]IV)Cb] and V]IV)Cc]2).
US Dollar index's PPO BUY Signal, may go UP to MA(200) @ 76.5.

 

Dow 1300 points and SPX 180 point drops in 11 days should be the beginning of Wave V]IV)C3] the strongest wave in C .
Friday's Long Leg Doji in multiple indicies may be signs of "a great amount of indecision in the market. Long-legged doji indicate that prices traded well above and below the session's opening level, but closed virtually even with the open. After a whole lot of yelling and screaming, the end result showed little change from the initial open"
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:introduction_to_candlesticks
Wave V]V)I5] might have ended as a wave five failure,
and Wave V]V)II have just ended.
Next may be Wave V]V)III albeit world financial condition .