The Week Ahead: 2023-06-19

Powell's testimony on Wednesday the key event this week

Bonds

So far, the ascending trend line is holding bonds up. I still think this small consolidation will end relatively soon with a break lower.

Should eventually break lower

Crude Oil

Crude retested the 68.10 support last week. I’m beginning to wonder if wave iv has yet to complete. The price high in wave iv may be set, but it looks short in time. A bounce to retest 76.00 or 79.00 over the next several days weeks would balance time with the prior wave ii.

Still working on wave iv?

Dollar Index

DX fell into the deep wave ii retrace zone last week. Will see if it can firm up against 101.80 this week.

Deep wave ii?

Euro

Looking for a lower high to form against the double top. Next resistance at 1.1060.

Looking for a lower high to form

Gold

Gold is likely working on a minor bounce from a possible first impulse down from the wave (iv) high. Best that GC remains under 2007.20.

Allowing for a bounce

S&P 500

Correction: 3785 on the following chart should be 4595

SPX pushed over the .618 retrace at 4320 last week and extended to the next extension target for wave ‘c’ at 4431. If SPX spends time above 4431 and begins to base, there is a possibility that they extend to 4595. Not forecasting that yet but something that I will be watching if bears fail to appear in the next week or two.

Late in c of (y) of [b]

Bitcoin Futures

BTC has been fairly dull the past month as it hugs 26130. Prefer that it begin to spend time under 26130 and push for 23055.

In the early stages of wave (v)?