Commodity markets: Gold, Lithium, Copper and Nickel [Video]

Peter Mathers TradingLounge

Commodity market Elliott Wave analysis

Commodity market Elliott Wave update: Bitcoin wave v) of 1 of (5). Ether wave v) of 1 of (5) I have aligned Bitcoin in line with the Nasdaq as a possible wave count option.

US Dollar DXY, for a bear count a move below 104 is required, the Bonds and yields suggest this to be the case, but I will wait for the evidence. Gold and silver are in or completed their wave fours, holding long is the position. Base metals are a mixed bag, and each one needs to be taken on their own merit, once the DXY has a confirmed trend this could help drive a commodity trend rebalancing price.

Bitcoin and ETH/USD:

Bitcoin: Currently tracking wave v) of 1 of (5).
Ether: Currently in wave v) of 1 of (5).
Bitcoin's wave count is aligned with the Nasdaq as a possible scenario.

US Dollar (DXY):

A bearish count requires a move below 104.
Bonds and yields suggest this bearish scenario, but confirmation is needed.

Gold and Silver:

Both are in or have completed their wave 4.
Holding long positions is recommended.

Base metals:

Show mixed trends and should be evaluated individually.
A confirmed trend in DXY could influence commodity price rebalancing.

Video chapters:

00:00 Bitcoin (BTC) Ether ETH/USD
11:09 US Dollar Index, DXY / TLT Bonds. US Gov Bonds 10 Yr Yields
17:56 Precious Metals: Spot Gold XAU /GDX ETF / US Spot Silver XAG
23:46 Base Metals:Lithium, PLL, Uranium URA ETF / Copper / Nickel
28:14 Energy:Crude Oil WTI OIL / Natural Gas NG

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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