MMF – February 2019



US Dollar Update 02/28/’19: Near-term weakness has taken shape of late as it should but we now are at a point where it needs to continue on down below this week’s lows, or this wedge in c (circled) may grind higher in another push or two to marginal highs to finish wave 2 in an even larger topping process. Momentum is set up well for larger resumption lower but if a top is in for wave 2 already, we should know fairly quickly based on acceleration lower, and soon.

Silver Mining Update 02/27/’19: After clearly penetrating all of the possibly-operative channels from 2011 in an impulsive-looking rise, Silver is consolidating this advance in a likely small-degree second wave. Momentum here looks quite constructive for higher prices, looking past the near term

British Pound Update 02/26/’19: See the British Pound Overview for all of the specifics regarding the bigger picture in particular but in general, it is looking more and more like this wedge to end wave (2) was indeed the operative count. The reversal of the recent impulse lower is a big development because it implies a set of ones and twos from the wedge’s completion, with an expanded flat two of late, so nearer-term bullish action is aligning itself with the bullish intermediate- and longer-term patterns.

Gold Mining Update 02/25/’19: Last week’s Gold and Silver updates outlined the prospects for wave 2-consolidations/declines in the Metals and Mining complex and this process is going well according-to-plan so far. There are always curve balls so to speak and that is coming from Platinum and it indeed has a mind of its own as previously noted, but with the alternate count, this may end up being a nice selling opportunity after all, without having to wait on the breakdown strategy and with such large, downside potential as outlined, it could be a pretty nice set-up in this regard before too long.

Platinum Update 02/21/’19: Now that Gold, Silver, and the Mining complex have likely topped on a near-term basis, as discussed the last two nights in Gold and Silver respectively, let’s go back and look at Platinum as I think this is one that could really get ripped with some near-term downside confirmation. If wave-2 consolidations are underway in Gold and Silver and Mining as it appears, it makes sense that since Platinum has apparent, unfinished business, that somewhere in here soon, it should finish up wave structure to the downside and get ready for the next big leg north in Metals and Mining later on.

Silver Daily Update 02/20/’19: Please refer to previous Silver Overviews and Updates if you need more specifics and detailed analysis as all that still applies (if you need any copies, do let me know). Suffice it to say, Silver has busted out of all of its potentially-operative channels in the decline from April 2011 and momentum looks constructive in this regard, so it appears that a large rebound is underway at minimum, to correct the drop from 2011 over the next couple of years anyways.

Gold Daily Update 02/19/’19: You can refer to the Overview on Gold for all the reasoning behind this but I still think the best count is the one that shows the August low as an Elliott “failure” or “truncation,” whereby Gold was just not able to take out the December 2016 low; however, just considering pure wave structure, all other counts just don’t match up to this count in my opinion.

Japanese Yen Futures Update 02/14/’19: Waiting for confirmation that wave E is complete is making more sense in here as this move develops, but there has been some very interesting action in the last few days so I wanted to update developments. Near-term counts have been adjusted to market action.

Silver and Silver mining update 02/12/’19: This remains a very bullish situation looking out to the intermediate- and longer-terms. Near-term, expectations have been for some consolidation, to reset sentiment some and to work off some of the “overbought” momentum at a couple of degrees and that is on track but I wanted to update the charts and to expand into Silver Mining as there are some neat charts to show in this area, as initially discussed in the Supplement to the Silver Overview.