Commodity Market Elliott Wave Analysis Update:
Bitcoin (BTC) and Ethereum (ETH/USD) are advancing into Wave (iii) of v) of 1 of (5) of 3) of I. We are looking to enter long positions during the Wave 2 retracement phase.
In the forex and bond markets, the US Dollar Index (DXY) is trending lower, aligning with a downward movement in the 10-year US Treasury yields, while TLT Bonds are expected to trend higher.
Precious metals are showing significant movement, with Gold, GDX, and Silver currently in Wave 4, nearing their final stages. We will soon begin formulating long trade setups for these assets.
In the base metals sector, both URA and Copper are also in Wave 4, showing positive signals in line with the overall positive sentiment in the China SSE market.
Crude Oil is anticipated to follow the downward trend of the USD, whereas Natural Gas is currently experiencing a Wave 4 correction.
This comprehensive analysis across various commodities and markets provides a detailed outlook, aiding in identifying potential trading opportunities based on Elliott Wave principles.
Video Chapters
00:00 Bitcoin (BTC) Ether ETH/USD
09:55 US Dollar Index, DXY / TLT Bonds. US Gov Bonds 10 Yr Yields
14:40 Precious Metals: Spot Gold XAU /GDX ETF / US Spot Silver XAG
23:55 Base Metals:China Index Uranium URA ETF / Copper
28:07 Energy:Crude Oil WTI OIL / Natural Gas NG
30:43 End
Analyst Peter Mathers TradingLounge
See previous Video: Commodity Markets Analysis
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