Crude Oil forecast as of 11/18/2008

QMZ8 –Elliot shows that market is in the process of IM 5th wave in the range of 10.11 – 53.71 between November 11th and December 12th.

Market has touched the likely price and time level, so the move down can be over any time. At the same time, market has plenty room to go. Market must move above 70.00 to confirm that the down move is over for now.

Impulse is a five wave pattern, where three waves (#1,3,5) are impulsive in nature and two waves (# 2,4) are  corrective in nature.

Gold forecast as of 11/18/2008

Gold – Elliot shows market is in the process of “D3” 3rd wave in the range of 874.86 – 1185.57 between November 6th and December 12th.

Market move below 700 making new lows, shows that the move down has not completed yet.

D3 is a three wave pattern, where all 3 waves are corrective in nature.

British Pound forecast as of 11/18/2008

GBPUSD – Elliot shows that market is in the process of larger Impulse and this IM is doing 4th wave in the range of 1.5052 – 1.6194 between November 19th and December 10th.

Market move below 1.46 makes it more likely that IM 4th wave is complete and 5th wave down has started.

Impulse is a five wave pattern, where three waves (#1,3,5) are impulsive in nature and two waves (# 2,4) are  corrective in nature.

Euro forecast as of 11/18/2008

EURUSD – Elliot shows that market is in the process of “Zig-Zag” (ZZ) 3rd wave in the range of 1.0215 – 1.1978 between November 20th and December 30th. . Market move above 1.30 makes it more likely that move up has not been completed.

Zig-Zag is a three wave pattern, where 1st and 3nd wave is Impulse and the 2nd wave is corrective in nature.

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