Daily Elliott Wave Analysis – 07-12-19 – Setting up for disaster.

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row]

[vc_row][vc_column][vc_column_text]

Hello everyone.

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row]

[vc_row][vc_column][vc_column_text]

EURUSD

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="1 hr" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_column_text]

EURUSD corrected in three waves today off the wave 'a' high.
So far the wave (ii) correction is going as planned.
It looks like wave 'b' is now done,
and wave 'c' higher should follow on Monday to take us back up to 1.1320 or so to complete wave (ii).
Once that completes,
I will be looking for a renewed selloff into wave (iii) down.

Monday;
watch for wave (ii) to complete below 1.1412.

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

GBPUSD

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="1 hr" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_column_text]

Cable rose in three waves today which suggests that wave 'b' is still ongoing.
This rise is viewed as a minor 'b' wave within wave 'b' pink.
Another drop to about 1.2500 again will complete wave 'b'
and then wave 'c' should rally again by Monday evening.
It looks like this correction will carry on for a while in wave [ii],
so next weeks action will likely be very choppy.

Monday;
Watch for wave 'b' and 'c' to complete in wave (a).
Wave (b) will begin on Tuesday.

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

USDJPY

[vc_row][vc_column][vc_column_text]

USDJPY is again confounding me.
The decline off the high has continued today.
This can still be viewed as a three wave corrective decline in wave 'ii',
but the price must hold above 107.54 for this count to remain valid.
If that level breaks,
I will have to rethink what is happening in USDJPY.

Monday;
Watch for wave 'ii' to complete above 107.54
and return higher in wave 'iii'.

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

DOW JONES INDUSTRIALS

[vc_row][vc_column][vc_column_text]

The euphoria continues today unabated.
The DOW is now sitting at the all time highs as we reach the close of the week.
This rally today is still viewed as wave 'iii' of (v),
and this should be followed by wave 'iv' on Monday.
Wave 'iv' will most likely find support at the previous 27000 high.

Going on the current pace of trading,
wave 'v' of (v) should be done by this time next week at the latest I think.
The trend channel for the larger wave [v] green
suggests a high of about 27500 to complete this rally.
So that is the target for next week.

Monday;
Watch for wave 'iv' of (v) to correct sideways and hold above 27000.

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

GOLD

[/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_column_text]

The triangle idea for wave 'b' in Gold is holding this evening.
The price range has continued to contract today,
and right now we have a completed triangle in place.
If the price returns lower on Monday,
and breaks below 1400 again that should confirm the triangle in wave 'b',
and that will signal wave 'c' down has begun.

Monday;
Watch for wave 'b' to complete below 1426,
and wave 'c' to fall again to break 1400.
The target for wave 'c' and wave (ii) lies at about 1369.

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

U.S CRUDE OIL

[vc_row][vc_column][vc_column_text]

Crude has corrected in three waves off the recent high.
This is labelled as wave (iv) grey
and this correction may even be complete this evening.
The price has risen again off the lows
and this could be the beginning of wave (v).
A break of 61.00 on Monday will confirm that wave (v) of [c][ has begun.
And then we can expect a rally up to the 64.00 area
to complete the larger wave '2'.

Monday;
Watch for wave (v) to begin with a rally above 61.00.
Price should hold above 60.00 as wave (v) continues.

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

US 10 yr Treasuries.

[vc_row][vc_column][vc_column_text]

Wave (b) of [ii] seems to be complete at todays lows.
The price is rising again as I write to close above 127.00 again.
This should prove to be the start of wave (c),
and next week, price should rally above 127.61 to complete wave [ii].
At that point, a bearish signal will be in place,
and we can look for a drop to begin again in wave [iii].

Monday;
Watch for wave (c) to rally up to break 127.61 to complete wave [ii].

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

SILVER

[vc_row][vc_column][vc_column_text]

I am looking at a possible triangle in wave 'b' for silver also today.
Just like Gold,
the price range has tightened up over the last few weeks.
This evening silver sits at another lower high
and this should complete the triangle structure.
Wave 'c' is set to follow next week and fall back to support at 14.76.

Monday;
Watch for wave 'b' to compete below 15.30 and for wave 'c' to begin early Monday.

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

S&P 500.

[vc_row][vc_column][vc_column_text]

Wave 'v' of (v) is marching higher this evening
price is now holding above 3000 for the first time after correcting below that level yesterday.
The short term rally should continue for another few days in my estimation.
And wave 'v' should continue higher again on Monday from these levels.
The target for wave 'v' is now in the area of 3030,
this should complete the larger structure in wave (v).
And this will complete the structure at six degrees of trend.
So again,
we are setting up for disaster in the stock-market.

Monday;
Watch for this rally in wave 'v' pink to push a little higher towards 3030 by midweek.
we may even get the first turn down by the end of next week.

That wraps up the week from me.
I will not get a video out this week as I cant get a free moment!
Our little holiday adventure rolls on through the Brittany countryside next week.
But all going well,
I will be updating as usual.

Until Monday evening,
au revoir mes amis.
God bless.

Enda.

[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row]