The forecast for higher in the S&P 500 is working out as the low in futures was consistent with a wave [IV] retrace which leaves us very close to a completed waveform up from the Wednesday low. As I type this, SPX is very close to the intraday high from the 18th. Sure, higher targets are possible but all that is needed is a new high over that of April 18th. 4193 SPX is the first wave [I] to wave [V] target though I don’t know if they push for that today or save it for next week.
I’m willing to give the minor new low in crude the benefit of the doubt for being a completed first impulse down and now early in a wave [II] bounce. 77.55 is the 38% retrace, a good level for an (A) of [II].
Bonds continuing the overnight bounce in what looks like a complex wave ii developing. Makes sense that bonds bounce back up into the range as they wait for the FOMC meeting next week. Really the same story in gold and Euro.
Have a good weekend.