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COMMODITIES OUTLOOK - October 2019 - Copper on course to finalise corrective downswing from 2018 highs – Aluminium and Zinc remain is same rhythm – Lead & Nickel heading lower – Gold approaches major peak – sig

In This Edition: The dollar began its 7.8-year cycle downtrend in Jan.’17 completing its 1^st wave decline in Feb.’18 which means the subsequent 2^nd wave counter-trend rally to current levels is overdue for completion. Will the dollar stage a reversal-signature decline now? – and what impact will a declining US$ dollar have on commodities over the next several years? Elliott Wave and Cycle Analysis take an impartial look at the current set-up. It may seem obvious, but does a weakening dollar fit into the ‘’ schematic? We refresh some Elliott Wave misconceptions and update the medium-term outlook across Base Metals, Precious Metals and Energy. The usual positive correlations between these differing commodity sectors has broken down recently, something we’d not expected when the grand ‘’ between developed market stock indices and commodities/emerging markets aligned back in early 2016. Right now, each commodity sector has its own rhythm and it’ll take some pretty amazing price moves to realign them. This month’s report examines those differences and attempts to bring them back together into a concise rhythm prior to the next inflation-pop upsurge.