A subscriber asked about GPB/USD, so here is an update from Kurt who has been watching this. The daily chart is up into the low end of the target range now at 1.2852. Looking at the 240-minute chart, there might need to be a small correction and minor new high to complete the pattern. Overall, penciling the developing high as either (c) of [iv] or alternatively wave [i]. Basically, the same idea as Euro, at a minimum due for a deep retrace soon, and maybe a new low to that of last year.
On the equity index front, S&P 500 futures tested support at 4396.50 early and attempted to climb up on the cash open but stalled out just under the number to beat, 4421.75. So, do we have a similar situation to yesterday where there is a morning bounce only to see it erode in the afternoon? I lean to no, I like the prospects for a slow climb up into the July 4th holiday. I’m fine with it being slow to get started. Note the gold 4* on the 240-minute futures chart at the low. That is an exhaustion signal from the Wave 59 9-5 study. Also starting to see the momentum lines turn up.
Crude is soft today but I’m not ready to give up on the complex wave iv idea. This drop could be (B) in wave [E] of iv. Support at 69.40 and 68.50.