The US equity markets are doing what has been the norm of late, rising into the FOMC meeting. I continue to think this is a wave (iii) forming near the top of a large channel as can be seen in the chart below. Crude is on track to make a run at 60. DX and Euro are taking small steps in their rise and fall in line with forecast. Gold is getting a head start on the expected break lower. Bonds have been stubborn but also trying to leak lower in line with the forecast.

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