Daily Elliott Wave Analysis – 06-19-19 – Five waves up for Silver.

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Good evening all.

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EURUSD

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EURUSD failed to break any lower today that 1.1181.
So this level forms the low of wave ‘i’ pink now.
Price has rallied today to begin a second wave correction higher.
Wave ‘a’ of ‘ii’ is complete at the session high,
and wave ‘b’ should complete tomorrow above 1.1181.
The wave ‘ii’ high should hit about 1.1270 before completing and then truning down into wave ‘iii’.

Tomorrow;
Watch for wave ‘b’ to create a higher low above 1.1180.

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GBPUSD

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Cable also failed to break support in wave ‘v’ of (iii) today.
The price has reversed higher to begin a corrective rally in wave (iv).
This should be a three wave rally as shown.
Resistance lies at 1.2764,
which forms the previous wave ‘iv’ at one lower degree.
And this is the initial target for wave (iv) to complete.

Tomorrow;
Watch for wave ‘a’ to complete soon,
wave ‘b’ is likely to fall back to about 1.2600 again.
And then wave ‘c’ will rally into the target possibly by Friday evening.

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USDJPY

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USDJPY is now moving in favor of the alternate count for wave [c] of ‘2’.
The price retraced all of Tuesdays gains and is close to breaking support this evening.
The next target for wave [c] to complete lies at 107.27.
this is where wave [c] reaches equality with wave [a].
Wave (v) of [c] should continue lower in five waves from here as shown.

Tomorrow;
Watch for wave ‘iii’ of (v) to break support and confirm the count.
Once wave [c] reaches equality,
I will begin to look higher again.

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DOW JONES INDUSTRIALS

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I have labelled the rally off Mondays lows as waves (i) and (ii) of [v] as shown.
The market created a very shallow correction in wave (ii) yesterday,
this seems to be a flat correction.
And we saw a spike higher again today out of that sideways action
which could be the beginning of wave (iii) of [v].
If we are now moving in wave (iii) of [v],
then we should see a further rally towards new all time highs over the coming days.
Wave [v] itself should not take too long to complete.
At the current pace we should wrap up this rally by the end of June.

Tomorrow;
Watch for todays low to hold at wave (ii).
Wave (iii) should continue higher.

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GOLD

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Gold did hit a slight new high for the week today,
but I am fairly sure this is a corrective rally in wave ‘b’ of (ii).
And wave ‘c’ should retrace back below 1332 over the coming days to complete the correction in wave (ii).

Tomorrow;
13.58 should hold at the wave (i) high.
Watch for wave ‘c’ to begin and fall towards the target.

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U.S CRUDE OIL

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Crude has held pretty flat today without reaching a new high in wave ‘c’.
The action looks corrective,
possibly a small fourth wave within wave ‘c’.
I still expect to see another rise into the 55.30 region before this correction in wave [iv] completes.

There is still an outside chance that wave [iv] is creating a larger triangle wave,
as shown by the red trendlines on the short term chart.
If the price falls in three waves from this point and the price range contracts again.
Then this alternate count will take over.

Tomorrow;
Watch for another spike into 55.30 to complete wave [iv].

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US 10 yr Treasuries.

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Bonds are full steam ahead today as all monetary policy skepticism has been laid to the side.
It seems the market has decided to call a halt to all critical thinking efforts.
The FED knows best!
And there is not a cloud in the sky for Bond investors anymore.
I do think this decision to go all in on bonds now
will come back to haunt the market.

It seems that wave [iv] has completed earlier than expected.
The rally today is now viewed as wave (iii) of [v] underway.
The price should now push up towards the upper trendline as wave (iii) completes.
And wave [v] should top out at about 129.00 late next week.

Tomorrow;
Watch for wave (ii) to hold at 127.13.
Wave (iii) up should hit the upper trend channel at about 128.00.

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SILVER

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The triangle wave ‘4’ idea is holding today,
as the price has rallied again out of a further higher low this morning.
The rise this evening is now counted as wave ‘5’ of ‘i’.
And this rally should break above 15.14 before completing wave ‘i’.
We will likely see a correction in wave ‘ii’ off the next high over the coming week.

Tomorrow;
Watch for wave ‘i’ to complete with a break of resistance at 15.14.
A decline back below 15.00 again will signal that wave ‘ii’ has begun.

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S&P 500.

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The S&P is now just a hop, skip and a jump from another new all time high.
The insanity rages on regardless!

Todays spike higher is now viewed as wave (iii) of [v].
Where wave [v] is again viewed as the end of the road of the larger rally off the December lows.
The low of the session today is labelled wave (ii) grey,
and this level should hold as wave [v] continues from here.

It is a matter of sitting back and observing the completion of this pattern into the top.
And from the high of wave [v],
I will be looking for another turn down in five waves.

Tomorrow;
Watch for wave (iii) to continue up towards a new all time high.
We may even see that happen before the end of the week.

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