Elliottforecast for 7.28.2011

7.27.2011 8.30PM  PM EST.

Good night , everyone , The turn in the USDX took a huge leap today and created some extension between the lower waves and higher part of the new cycle which looks very impulse.We are seeing the need of 2 more combination of 4-5 cycle to end the first 5 waves from the lows and consequently a possible move to around 77.00 area if the Flat is in place.The Eurusd also drop in a motive wave and so far is in 3 waves but the structure of the recovery from lows looks very corrective and should made a series of 4-5 which will completed the first leg of a proposed move to around 13750 area .Around, the market we see a very powerful Aud currencies which do not wants to give up a single pip against either the USDX or YEN. Gold also looking very strong and we are holding our forecast of Gold reaching 1650-1700 area from now. Oil looks like the drop we were proposing just begum and minimum 92.00 should be reached if the structure we just ended is a Flat wave 2.S&P also drop hard as forecasted and we see a series of 1-2 which will make the move extended to 1285 area before any significant move to the upside. The world has been blaming the decline in risk to the debt ceiling issue but we knew about and been calling for the move for while now .This market is all about Elliott wave and Fibonacci levels and only be able to decode the code of the waves will make you ,being a winning trader. thanks


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