Dollar conditions right for a bounce

Our bullish analysis is a little controversial

Expect a crude oil correction

but there’s a more bullish alternative too

This could be the top in S&P 500

(The alternative is for it to extend considerably higher after a retrace.)

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Some of our recent posts:

The Week Ahead: 2020-02-23

I'm adjusting my bond count up from the 2018 low from 'a-b' up in 'c of (a)' for a three wave move for (a) to one of an impulse, a five wave move. Note the areas I marked as 1) and 2) for the implications. I just can't go with the retrace from the August high as a wave (b) because it was so shallow which then implies it was a fourth and moving up in the late stages of 'v of (a) of ending diagonal [v]'. Minor target at 165^01 tested already, next at 167^23 though a retest of the prior is good enough. A drop back under previous resist at 162^28 would be first confirmation of falling back in the first swing of (b).

Japanese Yen Futures & ETF FXY Update

Yen appears to be accelerating lower after the minimal retrace made when I last updated this chart a few weeks ago. I'm assuming this is the early stages of (iii) of [v] or [c] down. Minor support being tested now at 0.008994 though I don't think it will be very firm. Prefer lower targets at 0.008789 or 0.008643 before a more substantial bounce.

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TOTM’s technical approach is grounded in Elliott wave and Gann techniques, while also making use of Fibonacci relationships in price and time, historical cycles analysis, proprietary technical indicators, and other more esoteric methods.

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