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COMMODITY OUTLOOK - Base Metals Hit Downside Targets Preparing For Recovery Higher - Miners Remain Bearish - Gold & Silver Oversold But Trend Remains Downwards - Crude/Brent Oil Approach 2 1/2 Year Upside Targe

In This Edition: Commodity markets have taken a big hit to the downside over the last couple of months, the benchmark CRB-Cash index is down from its end-May high of 443.00 by -9.3% per cent with key Base Metals like Copper down from its early-June high of 7348 by a huge -18.5% per cent. Precious Metals like gold topped out last January with prices down by -11.2% so far this year whilst even strong up-trending metals like Palladium are down by -24.6% per cent. Only Energy contracts like Crude and Brent oil are up on the year, by +24.6% per cent and +21.0% per cent. And so the question remains – are these trends likely to continue for the next month, for the remainder of this year, or are they set to reverse higher? This month’s Elliott Wave Commodities Outlook report answers these questions. As you might expect, there are some divergences within the group – not all are advancing/declining at the same time. A couple of highlights stand out in the Base Metals – a good proportion of price declines that were forecast earlier this year have been accomplished. Yes, more downside is to come through into August, but not that much anymore – Elliott Wave analysis indicates a strong upside recovery will begin. This report examines whether these next upswings will begin the next phase of medium-term uptrends or simply turn out to be counter-trend rallies. WaveTrack’s proprietary cycles attempts to shine some light into this question. There’s defiantly a battle going on between President Trump’s U.S. expansionist, economic policies and the forces that lay behind our Inflation-Pop scenario, its current location and whether this could signal a shorter-term period for an economic and inflationary slowdown. Precious metals have been hard hit recently, following a surge in interest earlier this year when inflationary expectations were on the rise. That’s all changed now – US10yr treasury yields, a good barometer of measuring the U.S. economy has put in an important high last May and is trending downwards now – gold and silver are far from their January highs – this report discusses why a slowing down of inflation expectations has occurred and updates the Elliott Wave patterns accordingly. Crude and Brent oil have been the star commodity performers this year but price levels are now approaching important upside objectives which were first forecast in January ’16 – yes, 2½ years ago! This month’s report examines the primary degree zig zag pattern progress from the Feb.’16 lows with some alarming results.