CL on plan as it set a higher low early this morning against 70.30 and 70.00. CL has been doing well, grinding past 71.50 and 72.40. Next minor resistance for a possible wave ‘III of (C) of [B] at 73.75.
Gold also following the script as it moved lower to test 1984.15, even spiking under before recovering. There is an exhaustion signal here from the Wave 59 9-5 study, and momentum is slowing. I wouldn’t mind GC pushing a little lower but if it pushes above 1991.25, wave (V) is probably complete.
S&P 500 finally awakens from its slumber and pushes up out of the consolidation, that I am calling a (B) wave, and rising in a possible ‘(C) of [II]’ on positive comments on the debt ceiling talks. Probably a good idea to raise stops if long this morning as 4170.50 is tested in futures. Higher is certainly possible but I wouldn’t say guaranteed. Next points of interest at 4181.00 and 4188.00.
Checking in on bonds, ZB still soft as it heads back toward 128^24. I prefer ZB continues to press lower if this is in fact wave [III] in progress in order to test 127^26 or 126^20.