Daily Elliott Wave Analysis – 08-27-19 – Wave three is near.

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

[vc_row][vc_column][vc_column_text]

Good evening all.

[/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]

Price has held above the 1.1051 invalidation line so far today.
A slight new low created today looks like a corrective decline,
so if we see a rally back above 1.1164 tomorrow,
that will confirm that wave (c) is underway.

I have shown a possible three wave a,b,c rally for wave (c) this evening.
The upper target area is the same as previous.
If this action happens,
that will complete a combination correction wave [ii].

Tomorrow;
Watch for wave 'c' of (c) to turn higher and break 1.1164.

[/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]

Wave (c) did create another high today,
so the extended wave 'iii' of (c) idea did come to pass.
Wave (c) has completed a five wave rally overall.
And it looks like we have now reached the end of the road for the cable correction higher in wave [ii],
at least for the moment.

Tomorrow;
Wave (i) down is now expected to begin this week.
Wave 'i' of (i) should break 1.2207 and then a lower high should form in wave 'ii' pink.

[/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]

I will venture a little deeper into the new wave count over the coming days.
And the new pattern which develops off the lows,
should offer some clues for the overall target for wave 'A' by the end of the week.

Wave 'A' can create a three wave or five wave pattern from here.
I have shown a five wave pattern in progress.

So far the price has held above 104.48.
Wave [i] created a nice impulsive rally,
and a three wave decline seems to be underway now in wave [ii].

Tomorrow;
Wave for wave [ii] to hold above 104.48.
The small trend channel suggests a low at 105.26 for 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]

DOW JONES INDUSTRIALS

[vc_row][vc_column][vc_column_text]

Stocks are lower today off a possible wave 'ii' high.
The move lower was sharp enough to call impulsive,
but we still have no confirmation if this is wave 'iii' of (i) yet.
A break below 25400 again should be enough confirm wave 'iii'.

The goal from here is to identify wave (i) down,
then track a correction in wave (ii)
and then catch the turning point down into wave (iii) of [iii].
This wave has the largest downside potential in the upcoming decline.
If the current count is correct,
we will have to wait for about another week for that structure to be realized.

Tomorrow;
Watch for wave 'iii' to carry prices lower again to break the wave 'i' low.

[/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]

Gold has now formed a lower high in a possible wave 'ii' of (c).
The rise off Mondays low does look corrective,
and so long as price holds below 1554 then wave (c) is now in force.
The correction in wave [iv] should be a reasonably short affair,
especially if the stock market rolls over into a third wave down.

Tomorrow;
The minimum target for wave (c) lies at 1480, this is the low of wave (a).
Watch for wave 'iii' of (c) to begin tomorrow with a sharp push below 1520.

[/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 seems to be tracing out a three wave recovery in wave '2' of 'iii' today.
This recovery should prove corrective,
and wave '3' of 'iii' down should should carry price back towards 50.00 again in short order.
If the current short term count is correct,
then there is a real danger that wave '3' down will begin tomorrow,
after a short break of 55.20 in wave '2'.
If price breaks 53.50 again tomorrow,
that will signal that wave 'iii' down has begun.

Tomorrow;
Watch for wave 'ii' pink to hold at 57.00.
Wave 'iii' down should begin soon.

[/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]

I have shown two short term count this evening.
The top at 131.60 is either wave (v) of [v] now complete,
and the market is ready to roll over into a long bearmarket move.

Or that recent top is wave 'i' of (v).
In which case wave (v) will extend a little higher to complete the larger correction.
If we see a drop into the lower trend line at 130.40 and then a rally again off that point.
That will favor the alternate count.

On the other hand,
A break of 129.80 will confirm the current count.

Tomorrow;
Watch for wave (i) down to continue lower and break 129.84 to confirm the top is in.

[/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]

Silver rallied higher in wave 'v' of (v) of [iii] throughout the day.
This action has now completed a five wave rally in wave (v) blue.
And this should also complete a five wave rally in wave [iii] green.
Price has also hit the upper trend channel line again at todays highs.

So we have now reached an interim high in silver for the short term.
Wave [iii] is complete,
and wave [iv] should now correct back to support at about 16.90 over the coming weeks.

Tomorrow;
Watch for wave (a) of [iv] to begin with a drop back below 17.80 again.

[/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]

The S&P is also off the highs of the session this evening.
As with the DOW,
I have labelled this high as wave 'ii' of 'iii'.
Wave 'iii' of (iii) is now expected to bring us below 2800
again before the end of the week.

Tomorrow;
Watch for todays high at wave 'ii' to hold.
Wave 'iii' down should continue lower tomorrow.
2938 must hold for this count to remain valid.

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

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