Bonds
Bonds continue to trade sideways in either ‘b of (b)’ or in a wave ‘[II] of c of (b)’. Net, I still think bonds have lower to go in (b) but I’m not certain of the path.
Crude Oil
The wave ii idea is still alive and will be for quite a while but I think the alternative may be a more elegant solution at this point. Both ideas are very similar though the latter allows CL to move higher.
Dollar Index
I like that DX is beginning to break over the descending trend line. A break over the line and a slight retracement to retest the break would be a common behavior.
Euro
A retest of the 20 period EMA and 1.0946 is not looking very likely prior to pushing lower to 1.0740.
Gold
I am again posting the monthly chart of gold as I want to draw attention to the cycle high in the slow-moving cycle on the chart. Yes, I have to eat crow as I have been skeptical of the rise over the last few months, and wrong. That said, I still can’t agree with the gold bugs that think this is their shot at 2500 and more.
S&P 500
The S&P 500 didn’t advance much last week but neither did it retrace much. I’d like to see SPX slip back under 5224 at some point in the next week or two to start a fourth wave. This week and the week of May 10th are interesting from a cyclical perspective.
Bitcoin Futures
I’m not really happy with where BTC has a high so far but that doesn’t preclude a retest of support before pushing for 77740 or 79310 to finish off the advance.