Daily Elliott Wave Analysis – 06-14-19 – Metals now correct before the main event.

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Hi there everyone,

the video is up and ready to watch so have at it!

Lets get into it shall we.

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EURUSD

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EURUSD is moving lower in quite an impulsive fashion today.
The decline is labelled wave '3' of 'i' of (iii).
So if this wave count is correct,
this decline is should continue for quite a while as wave (iii) gets into full swing over the coming weeks.
In order for that to happen,
we need a five wave decline in wave 'i' pink to continue next week.
A break of support at 1.1106 would signal that wave (iii) is underway.

Monday;
watch for wave 'i' to continue lower towards 1.1106 in five waves.
Wave 'ii' should then correct higher in three waves to create a bearish impulse wave to begin wave (iii).

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GBPUSD

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Cable sold off today which has saved the current short term count from invalidation.
The wave '2' high came close to breaking the resistance,
but wave '3' of 'v' is now well underway and heading towards the target area at 1.2477.
A break of that level would signal that the larger wave [iii] green has begun.
for the moment wave (iii) needs one more low to complete a five wave structure.

Monday;
Watch for wave 'v' to continue lower and break initial support at 1.2556 at a minimum.

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USDJPY

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USDJPY is inching higher this evening off a further higher low in wave 'ii' pink.
The wave count calls for a rally in wave 'iii'
to drag us out of the correction mode and back into the larger trend wave '3'.
If we see a break above 109.93 again next week,
that will confirm the turn is in place.
For the moment the alternate count still hangs over out heads,
and that count allows for a drop back into 107.27 again to complete a larger five wave structure.

Monday;
Watch for wave 'iii' up to break 109.00 again and rule out the alternate count.
107.81 must hold.

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DOW JONES INDUSTRIALS

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The market has barely moved today which is pointing to an exhausted rally in wave '2'.
This only adds to the dire momentum picture on the 4hr chart,
with the MACD line now fully crested and on the way back down again.
This creates an even bigger bearish divergence.
We will see if this transfers into a selloff next week.

I think a push lower in five waves to break 25222 again will confirm the turn is in.
And then a bearish lower high will in wave (ii) will be the focus for the end of next week.

Monday;
Watch for wave 'iii' of (i) to carry us lower early on Monday 26248 must hold.

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GOLD

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GOLD has met the minimum target for wave 'v' to complete today,
by breaking the high at wave 'b' of 1348.
The price is selling off this evening in a possible wave 'a' of (ii).
With wave 'b' and 'c' expected to create a three wave correction over the coming week.
The initial target for wave (ii) lies at 1319.

Monday;
Wave (ii) should complete by the end of next week,
And that should create a further opportunity to go long into the rally in wave (iii) of [iii].
Watch for wave 'b' to create a lower high below 1357 on Monday evening.

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U.S CRUDE OIL

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Crude is rising again out of an early slump this morning.
The price seems to be creating a three wave rally in wave (c),
as the correction today was deep and in a central location within wave (c).
I have labelled this rally as a combination wave (c),
but the target for wave (c) remains at the about 55.37 to complete.

Monday;
There are two main alternates which I spoke about in the video this evening,
This correction may also be a triangle wave [iv] developing,
or, wave '2' blue is already underway.
Wave '2' blue would probably push up towards 57.00 again before turning lower again.

Watch for wave (c) to continue higher towards the upper trendline.

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US 10 yr Treasuries.

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Bonds made a slight new high this morning
which confirms the correction in wave [iv] as an expanded flat.
Wave (c) of [iv] is now dropping off the high again this evening.
Prices should head lower into the wave (a) support at 126.47 at a minimum over the coming few sessions.

Monday;
Watch for wave [iv] to come to a close with a break of 126.47.
We should see a rally in wave [v] begin next week.

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SILVER

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Silver is selling off quite hard this evening
which has forced me to switch to that alternate count which I showed on the video tonight.
This involves a larger wave 'ii' pattern in play now,
And this evenings decline is viewed as wave 'c' of 'ii'.
The price should again find support at 14.63 to complete wave 'c'.
And next week should bring a rally in wave 'iii' pink.

Monday;
Watch for wave 'c' to complete at support.
We should see a turn higher into wave 'iii' begin by Tuesday.

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S&P 500.

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The S&P is also very quiet today,
the price is dropping this evening,
but the decline is nowhere near what I expect in wave 'iii' of (i).
Yet!
Am am taking que's from the complete lack of upside momentum after the recent rally.
So we could be still in the process of turning lower again into wave (i) as shown.
If we see a spike lower on Monday,
that will signal wave 'iii' of (i) has begun.

Monday;
Watch for a turn down to begin in wave (i) of [i] of '3' off the recent high.
A break of 2797 next week will signal that wave '2' has topped
and wave '3' down has begun.

Have a great weekend everyone.

I will be back as usual on Monday to tackle this again.

God Bless.

Enda.

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