Bonds
Very little movement in ZB this morning. I still lean to a minor bounce before ZB resumes its push down in ‘c of (b)’.
Crude Oil
Crude fell under 75.85 briefly to test the 20 EMA on the 240-minute chart prior to quickly rebounding. CL is putting stress on the wave ‘[II]’ idea as it pushes deep into retrace territory. As I mentioned last night when I posted the weekly chart, I’m losing confidence in a lower high forming under the January 29th high. Odds of the alternate count being active are going up which would put ‘[B]’ at the February 5th low and now up in ‘(V) of [C] of ii’.
Euro
Euro is holding up so far. Over 1.0798 allows for a press for at least 1.0822 or even 1.0840.
Gold
I’m not at all confident in my gold count. The new low today might be a low degree impulse down and need to bounce again.
S&P 500 Futures
S&P 500 futures pushed up out of the overnight consolidation to make a new swing high. The feel is certainly consistent with a third wave. I’m thinking we should see a correction form this afternoon. There is minor support at 5047.50 but I don’t like the market spending time under 5052.75 as it invites a deeper retrace to 5038.50 or even 5027.00.