The COMMODITY OUTLOOK! Downside risk?!
In This Edition: Following last month’s inaugural edition of the EW-Commodities Outlook, this month’s report focuses on more short-term scenarios that impact the developing trends already set in motion earlier this year. There remains Elliott Wave pattern disparities comparing Base Metals with Precious Metals – also, their related Equity Indices like the XME, GDX and XAU. Some of the clearest signals are coming from the GDX and XAU indices which are highlighting significant downside risk. Does this indicate an overall downturn for Base Metals too? We’ll be taking an introspective look at our usual repertoire of Copper, Lead and Zinc to find out. Crude oil prices have been given a new lease of life following a -20% drop as the Russian Energy Ministry announces plans to meet with OPEC in October. But the recent recovery leaves behind a slender retracement during the June-August period – is this enough time to balance the preceding advance from January’s low? We aim to tighten the ongoing probabilities.
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