USD: possible targets

Midterm DJIA

The moment of truth for PM is coming

Let's see if gold stocks and silver will be able to confirm the gold rally. The high of 2008 is at about 57 :

For the silver we're close to the  2008 high too:

Is Ben really almighty as he may pretend and can change natural lows of deflation and inflation:

The coming  days are really important and will show the direction for the future market action not only in the PM sector.

Gold, it seems to be over, at least for a while

Is it a truncated 5th or there is one marginal high, say around 1280, in cards?

 

Short term EUR/USD

The final version of the summer corrective rally is shown bellow. Nothing new, except that the C wave of the correction has developed as a zig zag and not a  5 I've been looking for.  As for me, that had a cost of about 100 pips of missed profit.
So, now, I'm pretty sure that we've entered the 3d minute wave down with the target of at least 1.215. The crossing of 1.2587 will confirm the move and if ever we manage to bounce back ant take the 1.2922 resistance we shouldn't go higher than 1.31 level.

AUD/USD: the end is nigh

My best guess for an important, as for the stock market, currency pair: AUD/USD.

It seems that we're near the end of the correction, more precisely in the C which has the form of the ending diagonal. I estimate the end of this wave and thus of the entire correction at 0.9246

An important junction on EUR/USD

EUR/USD is approaching an important junction, shown on the chart. The upper trend line before we crashed in May's panic and the 38% retrace of the entire move from 1.515 to 1.188. Moreover this resistance level is consistent with my  short term Elliott Wave count.

As for the US index that level of  EUR/USD will give 81.2-81.4 that is a 50%  correction of the whole index's move from November '09 lows to June's '10 highs.

Short term EUR/USD. Update.

The 3d of the C was a shortened one, we didn't reach what could be called a "~1.31" level. Then the parallel trend line was busted, but we didn't reach the level of the 1st of C, that gives a possibility to go a bit higher, say to 1.31 or some more. The RSI should not confirm that move.

Short term EUR/USD

So, no surprise, we're in the red scenario. I should recognize, it's a bit more rapid than I would have expected, but never mind, the corrections are always fast and furious. And we've just passed the strongest part of it - the 3d of the 3d of the C.
The count and the projections are shown on the chart:

Possibilities

It's quiet difficult to say at the moment what are we correcting in EUR/USD. Is it the whole move started in late November '09, or rather just its crashing part of April-May. That's why, I include 2 wave counts:

 Looking at other European currencies, doesn't give much more clarification. In any case the pound seems to be close to the end of its correction, whatever it eventually is.

And as for the swiss frank, it's clear that we're correcting the entire move, but that doesn't mean, the next move up will hit the new highs. The dollar may easily put new cyclical highs versus pound and euro without doing so versus frank, if, of course, we follow the green count on the EUR/USD.