Bonds
ZB poked briefly over 120^05 but fell back under it which has me warming up to the alternate count that I have on this chart. Wave ‘a’ down to the January 5th low, ‘b’ at the January 11 high, wave ‘[I]’ down to the January 19th low, and finally wave ‘[II]’ at the high today. That implies early in wave ‘[III] of c of (b)’ down now. First target down at 118^19, but if a third really should push for 117^00 or 115^29.
Crude Oil
Crude has been volatile today as bears were initially in control, but once initial support was test at 76.30, CL sprang higher to push past 77.60. The small-scale wave structure is not easy to count but looks late in wave [C] of ii.
Euro
I’m getting more bearish in Euro as it is starting to look like it is coiling up for thrust down out of this wedge.
Gold
Like Euro, I’m wondering if it is done bouncing and on the verge of accelerating lower.
S&P 500 futures
S&P 500 futures poked a new high today around 11am before slipping lower into 14:00. I still think it dangerous to be quick to buy dips but probably can’t be serious about selling till under 4903.00.
As a reminder, I’m very interested in the following chart as it looks to be on the verge of setting up positive divergence which in turn might indicate an equity high.