PoG was likely working on the back test of the previous break-out:
This has occurred in the past with bullish results:
The 3/10/20 ribbon is currently in a 'neutral' position with the 3EMA moving back below the 10EMA:
The Short Term (ST) Elliot Wave (EW) picture still shows Bullish potential as price moves down in a choppy manner after a 5 wave impulse reversal:
Critical support is still 1672 to 1682. Moves below this level invites a test of a support zone between 1650 to 1666.
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Silver - Has moved into a full bullish alignment of the 3/10/20 ribbon:
30.66 to 31.06 is critical support. I suspect that once 33.00 is breached, a pop up to 35+ is likely in the ST. All part of a MT move up to 45ish.
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USD - Felt the effects of resistance near 81.20ish:
Zooming out, we see the USD tangling with previous support that has now formed resistance:
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USD/JPY - The chart picture last week had some conflicting, bullish/bearish indicators. However the bull side come out on top:
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Dow - 3rd wave down reached 'point of recognition':
The lower green trend-line is very probable target to finish the right neckline, below at 12,124ish:
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Palladium - Has bullish potential above 600, could challenge 700+ fairly soon. In the ST, Pall becomes bearish below 600.
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Wheat - Broke down through the triangle formation which is bullish and bearish. Bullish because the next wave higher is less likely to be 'terminal'. Bearish because price will have to seek out a lower level of support, $8.00 sticks out as very probable.
Corn - may have one more small leg lower to 670 to 700 finish this multi-month correction. Any move in the ST back above 755 confirms the end of this current correction.
Soybeans - Is done or nearly done with it's multi-month correction. A quick move higher back above 1430 should lock in a MT bottom with upside target of 1800+. Any further selling on strong volumes below 1310ish kills great sums of bullish potential.
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That's all for now.
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