S&P 500 on plan working on a correction today. I’m penciling in [A] of ii complete and now in [B] of ii. Overall think [B] likely has lower to go but I can’t rule out a bounce from 4387 first. On the other hand, under 4387 enables a thrust lower to 4367 or 4356 for a [B] wave higher low. Keep in mind, [B] waves can make new price extremes so if we get another bout of selling tomorrow or Thursday, we could see 4313 to 4304 tested.
Bonds held above the overnight low this morning and trying to bounce. While I would like ZB to find a way lower over the next few weeks, it can bounce first.
Thinking something similar in CL and SPX, that it is working on a low degree ‘b’ wave. As I type, it is slipping under 80.00 and thus could test 79.30. If that zone fails, the ‘b’ wave low type targets are at 77.80 to 77.45.