The Day Ahead: PM Edition 2020-02-04

Gold may be close to a wave [II] bounce...

Bonds dropped to a new swing low today in what could be the end of the pattern. Basing above 167^12 and recovering 168^04 are the first steps in turning the ship. First major test of a reversal is at 168^15.

Crude extending higher in either a extended v of (i) or alternatively a wave (iii). Expect 57.00 to be tested in the next day or two while above 55.…