As you all know, I’m keen on a DX bounce at a minimum kicking in soon. Euro is attempting to cooperate with moving lower today in what may be a low degree of a third wave. Bias is lower in Euro while under 1.0976 to test 1.0936 or 1.0909.
As much as I would like to pound the table for a lower high being set, I can’t pound the table for it till SPX begins to drop through 4122 and later 4111.
Crude also lower today. A minor win for short term bears as CL is attempting to slip under 81.15. The nano form of the high last week isn’t ideal, but I don’t want to fight against a drop at this point. Next major retraces that need to be breached for bears to rest easy are at 78.75 and 77.35. I’ll advance the chart to June this evening.
Gold started soft but is now trying to bounce a bit as there may be a tiny five wave structure down from the recent high. Initial resist for a bounce at 2011.00 and 2019.80. The start of a deep retrace range is at 2037.00.