Bonds
Bonds advanced last week but have been held back by resist at 138^03. Not clear that wave [IV] need bounce any higher in price at this point as bonds could easily run sideways for several weeks before falling to a new low to finish off wave (i). I am assuming the next major inflection in August or September manifests as a low though the alternative is bonds remain choppy for several months then begin to trend lower to the end of the year. The latter seems low probability to me but something I will keep an eye on.
Crude Oil
Crude made an initial move lower last week but bounced. Overall, this looks too shallow for completion of the ‘c of (a)’ and thus I’m open to lower over the next month or two.
Dollar Index
DX drifted lower last week to put some pressure on 103.80, the first support that needs to fail for confirmation that a wave (iv) is getting started. We see another instance of August being a cycle inflection to keep an eye on. I’m assuming DX drifts lower in a choppy consolidation while the equity indices correct up.
Euro
Same idea here as DX but the inverse. Expecting a choppy advance for the next few weeks if not a couple months. First overhead resist to aim for is at 1.0834.
Gold
Gold while slightly lower last week has yet to thrust lower. At least the bearish forecast will have the fast weekly cycle working for it for the next six weeks.
S&P 500
SPX put in a nice start to the expected bounce this last week. There should be some follow-through this week, especially once over 3958.
E-Mini Nasdaq 100 Futures
No surprise, same general idea as SPX above. Might see a stall at 12500 but like a push past to around 13210 before worrying too much about (a) being complete.
Bitcoin Futures
There is always a problem child and currently it is BTC. I can’t see being too bearish down here but neither can I conclusively rule out a flush to 17013.