Crude Oil forecast as of 02/17/2009

QMF9 – Elliott shows currently only the bearish scenario but it is still equally likely that the market is in consolidation.

Market is in the process of “Zig-Zag” (ZZ) 3rd wave in the range of 18.39 – 19.02 between March 17th and May 25th .
Market move above 50.00 makes consolidation more likely.

qmcontinues-090217_blog

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

Gold forecast as of 02/17/2009

Gold – Elliott shows, that market is in the process of “Double Zig-Zag” 3rd wave in the range of 986.37 – 1094.39 between February 9th and March 16th.
Market is in the likely time range and almost in the likely price range, hence market move below 900 might signal that up move is done.

gold5-090217_blog

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

British Pound forecast as of 02/17/2009

GBPUSD – Elliott shows that market is in the process Zig-Zag (ZZ) 3rd wave in the range of 1.3040 – 1.3336 between January April 1st and June 25th . Market move above 1.5000 make this combination less likely.

gbpusd5-090217_blog

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

Euro forecast as of 02/17/2009

EURUSD –Elliott shows that market is in the process of “Zig-Zag” (ZZ) 3rd wave in the range of 0.9766 – 1.2458 between January 29th and April 22 nd. As market is in the likely time range and almost in the likely price range, then market move above 1.40 makes it possible that the move down is done.

eurusd5-090217_blog

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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