Daily Elliott Wave Analysis – 05-03-19 – The last rally is here!

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Good night to you all.

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EURUSD

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EURUSD bounced today to begin wave ‘2’ of ‘iii’.
This correction higher should trace out three waves
and complete below 1.1264 at the wave ‘ii’ high.

So far the market has stubbornly refused to accelerate lower into this third wave.
So I have to remain open to the idea that the larger wave ‘2’ blue is still in force.
this is shown on the 4hr chart.

Monday;
Watch for 1.1264 to hold and wave ‘3’ down to begin.

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GBPUSD

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The sharp rally in GBPUSD today has triggered the alternate count.
The sideways action over the last few weeks has finally revealed itself as wave (b) of [c].
And now wave (c) of [c] is underway.
This is best viewed on the 4hr chart.

Resistance has broken at 1.3133 in wave ‘iii’ of (c).
This rally will likely carry above the wave (a) high at 1.3380 and then complete wave [c] and wave ‘2’.

Monday;
Watch for wave ‘iii’ to continue higher to about 1.3230
where wave ‘iii’ and ‘i’ reach equality.

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USDJPY

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USDJPY is about to break initial support at 111.04 this evening.
This action has invalidated last nights count.
Wave (ii) must still be developing now with the sideways move this week in the form of a ‘b’ wave.
Wave ‘c’ of (ii) should hit the 62% retracement level at 110.73.
before then turning higher in wave (iii).

Monday;
Watch for wave ‘c’ to meet the lower trend channel line at 110.73 and then turn higher again.

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DOW JONES INDUSTRIALS

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The bull market came roaring back today!
Wave [v] of ‘5’ is now in play.
The wave [i] high was not challenged this morning as the market gapped higher at the open.
The price has rallied in a possible wave (i) of [v] now,
and the market is now closing at the high of the session.
We will likely see a small selloff early next week in wave (ii).
And then a rally for the remainder of the week in wave (iii).
All going to plan,
we should see a new all time high in wave [v] by the end of next week.

Monday;
Watch for a three wave correction off wave (i) to complete by Tuesday,
wave (iii) takes us to a new high then.

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GOLD

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Is wave [ii] finally done?
That’s a question I have been asking for a while now as you well know!
But I have to say,
todays rally is pretty impulsive looking off the lows.

There is a chance that the rally today
was part of a larger three wave correction in wave ‘iv’ still ongoing.
This is labelled as the alternate count now.
If we see a clear five wave rally followed by a three wave correction,
then I will be preparing for that wave [iii] rally to finally materialize.

Monday;
First we have to hold above 1266.56.
Watch for the rally o continue in five waves.

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U.S CRUDE OIL

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Crude recovered early today and traced out a three wave pattern higher.
This action could be the complete correction in wave ‘iv’ that I was looking for.
If the price crops on Monday and breaks the wave ‘iii’ low at 60.95,
that will signal wave ‘v’ is underway.

I have shown an alternate count which views the drop off the high as a series of 1,2 waves.
I that case 64.61 must hold.

Monday;
Watch for a drop in wave ‘v’ of (iii) to break 60.95 at a minimum.

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US 10 yr Treasuries.

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Treasuries bounced today to begin wave ‘ii’ of (iii).
The price should correct higher in three waves over the coming few days.
But this correction must hold below 124.10 at the wave (ii) high.
We should see the price fall back again later next week as wave ‘iii’ of (iii) takes over.

Monday;
Watch for wave ‘ii’ to continue higher in three waves.

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SILVER

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Silver has a solid rally today in wave ‘i’ up.
The price went vertical at the open, and we are closing near the highs.
This definitely has the look of a five wave rally.
With todays spike in a third wave of wave ‘i’.

Monday;
The outlook is the same for silver from here.
If we see a clear fives up off the lows, followed by a three wave decline.
Then we can be pretty confident that this market has turned higher.

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S&P 500.

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The S&P had a big up day to counter act that shaky mid week drop.
The decline has proved to be a three wave correction going by todays action.
So we can be fairly confident that wave [v] up is now underway.

The target lies at 2996 for wave [v].
And we should get there fairly quickly.
If the rally today was wave (iii) of [v],
that explains the sharp rise and it should lead to another new high before wave (iii) completes.

Monday;
Watch for wave (iii) to continue higher and push above 2954.
The initial target lies at 2996,
but there is an upper target at 3031 if wave [v] reaches equality with wave [i].

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Have a great weekend everyone.

See you Monday evening again.

God bless you all.

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