I’m leaning towards today being a consolidation of the rise up off the Friday low in the S&P 500. We had a drift lower this morning in the day session after overnight strength. While it is possible that the corrective action completed in the late morning, there could still be an attempt to retest support later in the in the afternoon. I do think that there will be an eventual push past the high of the day, I just don’t know when. The alternative is the [C] of ii high has been set and that on a break under 4400, the market begins to fall apart.
Bonds may be working on a low degree fourth wave high which would imply one more low in ZB before a low that could endure for several months.
CL popped up over 79.60 to the next possible target for a wave II today. I’m inclined to let it try to extend higher while above 79.60.
Little real movement in Euro today. Inclined to see if it can make it to 1.0900 later in the week
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