For the next 6 weeks I will be updating later and the updates may not be as comprehensive as the have been for a while. I will do my very best to keep you up to date, but I will be very busy and will not have as much time to update as I would like to. EUR/USD - Is the bearish count dead? NO! It is not dead, but Friday dealt some hard blows to it. The Expanded Ending Diagonal could still be a possibility, but if this count is the correct one we should not see EUR/USD move much higher. If we do see a move higher than 1.2824 my preferred count will be that red wave v is it self an extended wave and equal in length to the distance traveled from the bottom of red wave i to the top of red wave iii at 1.2882. This is also very close to the 61.8% retracement of red wave 3 at 1.2872. It's very rare to see an extended wave being retraced by more that 50%, but it happens and this may just be one of those times.
That said there is of cause a limit to the upside here. If we break above the 1.2872 - 1.2882 area we should seriously consider a more bullish count and if we break above 1.3004 any short term bullish counts will be of the table. You can see some of the possible bullish counts here:
http://singulorum001.blogspot.dk/2012/09/eurusd-forex-elliott-wave-analysis-08th_8.html USD/JPY - With the break below 78.15 Friday the bullish count was dead and the former alternate count has now become the preferred count. This count shows that a triangle had developed and that we should see a move lower in towards at least 75.92 and possibly even lower
Gold - The failure to break below support at 1,685.51 followed by a break above the high at 1,713.52 has shifted the count to a more bullish short term count, which call for a continuation higher towards 1,785.70 and maybe even 1,802.89, but it's my view that it's still a part of a major correction.
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