Daily Elliott Wave Analysis – 05-10-19 – The UBER Top!

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Good evening friends.

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EURUSD

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EURUSD is still grinding higher in wave ‘c’ of ‘ii’.
The price is again off the high this evening without hitting the minimum target at 1.1264.
Once we break 1.1264 again,
then I will turn my focus to the downside again in wave ‘iii’ of (iii).

Monday;
Watch for wave ‘ii’ to close out and then turn lower again into wave ‘iii’.
A break of 1.1172 again will signal that wave ‘iii’ has begun.

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GBPUSD

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Cable is up off the recent low at wave ‘b’ today.
But so far that rise has traced out three waves.
This does suggest a correction higher and then one more low for wave ‘b’.
A break of 1.2967 and then a reversal higher to break 1.3130 will confirm the current count.
And then we can look higher in wave ‘c’ for a few days at least.
The minimum target for wave ‘c’ of (c) lies at 1.3349.

Monday;
Watch for wave ‘b’ to complete and then reverse higher into wave ‘c’.
Wave ‘b’ must hold above 1.2865.

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USDJPY

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USDJPY is nearing the end of a five wave decline in wave [c] of ‘2’.
the price seems to be creating a flat correction today in wave (iv) of [c].
Wave (v) should drop below 109.46 once more to complete this correction,
And then turn higher to begin wave ‘3’ up.
An impulse move to the upside next week will signal the beginning of that third wave.

Monday;
Watch for wave [c] to complete and turn higher again by the end of next week.

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DOW JONES INDUSTRIALS

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The DOW is rallying off an early sell off today and ending a bad week on a positive note.
This rally can be viewed two ways.
The main count allows for one more high to complete wave [v] of an ending diagonal.
This rally may be wave (a) of [v].
Or;
The alternate count shows todays rally as a wave (iv) correction.
If the market turns lower again on Monday and breaks 25349,
that will favor the bearish count.
And we can expect to see a bearish impulse wave form around the recent high.

Monday;
A break of 26175 will rule out the bearish count and confirm wave (a) of [v].

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GOLD

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Gold is tracing out a three wave correction off the wave ‘i’ high.
The recovery off 1279 over the last few days is very corrective and looks to be in three waves.
And this evening saw another drop back which may begin a small ‘c’ wave to complete wave ‘ii’.
Wave ‘ii’ should drop into 1279 again to complete the three wave pattern.
Then we can prepare for a rally in wave ‘iii’ next week.

Monday;
Watch for wave ‘ii’ to complete at 1279 again.
And then push back above 1291.50 in wave ‘iii’.

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U.S CRUDE OIL

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Crude is pushing higher off 60.98 today,
but the recent pattern does not count as a triangle after a new high overnight on Thursday.
It is possible we have a running flat in place as wave (b) at 60.98.
And the rally today was the beginning of wave (c).
Wave (c) should push back above 63.00 again to complete wave [ii].
And then we should begin to drop again into wave [iii] by the middle of next week.

Monday;
Wave (c) should hold above 60.98.
Watch for wave (c) to complete at about 63.00 again.

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US 10 yr Treasuries.

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The 10YR is selling into the close this evening
after creating a lower high below 124.25.
If we see further selling on Monday that should be enough to signal wave (i) down has begun.
A break of 122.93 next week will confirm the turn.

Monday;
Watch for wave (i) down to continue lower.
124.25 should hold.

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SILVER

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Silver is up off the low at 14.69.
But the action is not impulsive yet.
We need to see a push above 15.07 again to signal that wave ‘iii’ up has begun.

The fact that we have seen a three wave correction over the last few days is a positive for silver,
and this does suggest we are nearing the turn higher.

Monday;
Watch for 14.56 to hold and a push above 15.07 to confirm wave ‘iii’ has begun.

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S&P 500.

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I have switched to the bearish alternate count this evening in the S&P.
The market sold off this morning in to complete a possible five wave move labelled wave [i].
The rally this evening is now viewed as wave (a) of [ii].
With wave (b) and (c) expected to trace out a three wave recovery over the coming few sessions.

The alternate count allows for one more high in wave [v] of an ending diagonal.
And then the inevitable bearmarket would begin.

So we are now at another critical point in the price structure.
The bullish interpretations are fast disappearing.
We have bearish momentum signals on the Daily and 4hr charts.
And a three wave recovery to a lower high
will complete a bearish impulse wave off the recent high.

Monday;
Watch for wave (b) to begin and complete above 2784.
Wave [ii] should be done by the end of next week.

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I wish you all an enjoyable weekend.
Se you back here again on Monday.

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