S&P 500 following the plan for the day with a modest retrace in the morning. I’m penciling in today as being spent in a wave (IV) which will lead to a modest new high early next week. SPX bounced from initial support at 4180 but best to allow for a retest of that area or even lower at 4169 later in the day or on Monday morning.
Crude is tricky. CL made a new swing high over that of Wednesday early this morning and sold off pretty steadily. One option here is that the morning high was wave I of (C) of [B] and now in a wave II which would put support at 71.50, 71.00, and 70.50. The most bearish alternative is (C) of [B] is complete and now in the early stages of [C] down. Not on the chart, but a possible middle path would be that the (B) wave low is not yet set. Not a big fan of that but probably higher probability than the very bearish path.
ZB pushed lower again today to near the next support at 126^20. Think it best for anyone short on lower time frames to lower stops. Maybe too early to buy for a bounce but keep an eye on it, perhaps on Monday.
Looking like gold is already starting to bounce as it is over 1970.90. Initial resistance at 1987.30 but doubt it is firm. Next resistance past that at 2003.60.
Euro also appears to be early in a wave two retrace. Resistance for the first leg of the bounce at 1.0852 and 1.0890.
Have a good weekend.