For the past several weeks, I’ve been writing about an imminent silver breakout that could quickly push prices to $50. During this time, I’ve observed significant investor cynicism, as many grew frustrated with silver’s sideways movement over the last five months. I encouraged investors to remain confident, as I believed silver was on the brink of a historic bull market. Sure enough, on Friday, what began as a typical day saw silver surge nearly 7%, meeting the criteria I had outlined to confirm the next phase of its bull market. Here I will break down the details of silver’s Friday breakout and explain why a  has now officially begun.The key criterion I outlined to confirm the next leg of the silver rally was simple yet widely overlooked by investors and surprisingly difficult to achieve: the  must decisively close above the $32.50 resistance level, supported by strong trading volume. The $32.50 resistance level was set at the May high, after which silver retreated and stagnated over the summer. Silver made attempts to break through this level on September 26th and October 4th, but both attempts failed, resulting in further pullbacks. Silver’s impressive $2.02 (6.38%) surge on Friday, accompanied by trading volume more than double the prior week’s average, definitively fulfills that criterion. (A caveat to consider is that if silver closes back below the $32.50 resistance level, it would invalidate Friday’s bullish signal. However, I find that scenario unlikely.)Although Friday’s trading began like any ordinary day, volume surged in the afternoon as it became evident that silver’s […]

EURAUD is recovering, so for now we are observing a minimum three-wave A/1-B/2-C/3 rally away from that 1.6, with more upside potential in weeks ahead, up to 1.66 area after wave B/2 pullback. It may actually have a completed an a-b-c pullback within wave B/2 in the 4-hour chart, so be aware of a continuation higher within wave C or 3, at least up to 1.6630 area.EURAUD 4H ChartEURNZD made an impulsive drop from the beginning of August till end of September, so more weakness is expected, but after a three-wave A-B-C corrective recovery that can retest 1.83 – 1.84 resistance area. It seems to have a completed projected a-b-c corrective setback in wave B at first 1.78x support area, so watch out for a continuation higher within wave C towards 1.83 – 1.84 resistance zone. EURNZD 4H ChartFor more analysis like this, you may want to watch below our recoroding of a live webinar streamed today on October 21 2024:

EURUSD Elliott Wave Analysis – Trading Lounge Euro / U.S. Dollar (EURUSD) – Day ChartEURUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Navy Blue Wave 2 Position: Gray Wave C Direction Next Lower Degrees: Navy Blue Wave 3 Details: Navy Blue Wave 1 appears completed, and now Navy Blue Wave 2 is in progress. Wave Cancel Invalid Level: 1.12136 The Elliott Wave analysis for the EURUSD on the daily chart indicates the market is currently in a counter-trend phase, moving within a corrective pattern. The primary structure identified is Navy Blue Wave 2, following the conclusion of Navy Blue Wave 1.Currently, the market is positioned within Gray Wave C, which represents the ongoing correction phase as part of the larger Navy Blue Wave 2. This corrective movement generally signals a temporary pullback or consolidation before the larger trend resumes.Once the Navy Blue Wave 2 correction concludes, Navy Blue Wave 3 is anticipated to begin, potentially indicating a stronger impulsive move, whether upwards or downwards, depending on the market response. The current wave count remains valid as long as the price stays above the wave cancellation level.The key invalidation level to monitor is 1.12136. Should the price dip below this level, the existing wave structure would be deemed invalid, prompting a reassessment of the wave count. Traders and analysts are carefully watching this level to ensure the market follows the expected corrective path.Summary: The EURUSD daily chart presents a corrective phase within Navy Blue Wave 2, after the completion of Navy Blue Wave 1. The current market position is in Gray Wave C, and once Wave 2 ends, the […]

Image Source:   CottonGeneral Comments: Cotton was lower last week as export demand remains weak and traders do not expect much improvement in at least the short term. There are still ideas and reports of weaker demand potential against an outlook for improved US production in the coming year. There have been demand concerns about Bangladesh and China. However, Chinese demand could start to improve as the government there is injecting a lot of money into the economy in an effort to get the country moving again. Texas and the Southeast have seen some extreme heat so far this year, and both areas also seen dry conditions at times during the growing season. The Delta has had somewhat better growing conditions but overall the entire crop has seen some stress. Overnight News: Chart Trends: Trends in Cotton are mixed to down. Support is at 70.20, 69.30, and 67.50 December, with resistance of 72.00, 72.70 and 73.50 December.  FCOJGeneral Comments: FCOJ closed slightly higher last week as the effects of Hurricane Milton are now part of the price. The storm brought reports of more damage to orange trees and to infrastructure to the state and its industry. USDA cut Florida oranges production to 15 million boxes, from 18 million in its previous report and 20 million last year. The market remains well supported in the longer term based on forecasts for tight supplies in Florida. The reduced production appears to be mostly at the expense of the greening disease. There are no […]

 Image Source:    EUR/JPY trades near the top of a ten-week range as the Euro remains supported by ECB Kazimir’s comments.  Kazimir said the governing council would be watching the data closely in December and decide then what to do.  The Yen comes under pressure as analysts see it at fair value and the governing ADP party underperforms in opinion polls.  EUR/JPY is trading at the top of a ten-week range in the upper 162.00s on Monday as the Euro (EUR) retains strength after comments from a European Central Bank (ECB) official suggested policymakers may not be in such a rush to lower interest rates whilst the Japanese Yen (JPY) remains under pressure following the release of lower-than-expected inflation data last week. ECB policymaker and Slovakian central bank Governor Peter Kazimir  Monday that the December policy meeting is wide open, with all options remaining on the table. “If new information points in the direction of higher inflation risks, we can still slow down the pace at which we remove restrictions in the coming meetings,” he said. Kazimir also said that the ECB will be in a “strong and comfortable position” to continue the policy-easing cycle if the accelerated pace in disinflation is confirmed, per Reuters.His comments follow more dovish market assessments of the trajectory of interest rates in the  after the ECB’s decision to cut its prime rates by 25 basis points (bps) (0.25%) at its meeting last Thursday. Many analysts saw the ECB’s decision to enact two rate cuts in a row as a […]