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Elliott Wave Analysis of Crude OIl and the US Dollar

Commodities / Gold & Silver Jun 12, 2008 - 12:03 PM GMT

By: Dan_Stinson

Commodities
Best Financial Markets Analysis ArticleThe USD has completed a leading diagonal and is currently in a wave (2) correction. The current wave up is close to completion and we should see one more wave down to complete wave (2) down. Once this wave down completes, we should see a strong rally in wave (3) up.


Crude
Crude is currently in a wave (2) correction in wave [5] up. We should see minor downside to the 130 area before a strong rally in wave (3) up. Once wave [5] up completes we should see a sharp decline in Crude and a strong rally for the USD. We are expecting a big reversal day to signal the top of the rally for Crude in our target area of 150-155.

The metals are also aligning for a sharp decline after the USD completes wave (2) down.

USD


Crude

These charts are only a guide so that you can follow the action and watch for the expected action. The action could play out exactly as illustrated or it may need minor adjustments as we follow it through.

If you are interested in viewing these updated charts and other detailed charts with targets on a daily basis, please see the registration details below.

Elliott Wave Chart Site - IntraDay Market Updates on the DOW, Nasdaq, S&P500, Gold, Silver, HUI and the USD.

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The indices covered include the NASDAQ, DOW, S&P 500, Nikkei, and DOW Transports. Commodity charts include the CRB Index, Copper, Crude, Gold, Silver, HUI and the XAU (Gold and Silver index) . Additional Elliott Wave charts cover the US Dollar (USD),CAD, Euro, 10 Year Treasury Note Yield (TNX), Nortel, Ballard Power, EBay, Encana (ECA), North American Palladium, Gold Corp, Pan American Silver, Central Fund (CEF), Couer D Alene Mines (CDE), Newmont Mining (NEM), Agnico Eagle Mines (AEM) and Denison Mines.

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