With the S&P 500 futures starting off lower early this morning and likely a gap down in SPX under 2744 on the open, the idea of one last wave up for ‘b of (iv)’ is dead. Instead, we are in the early stages of ‘c of (iv)’ down. There is a decent chance that the low for the day was set in futures and the rest of the day is spent working to fill the gap from last Friday.
As you have seen on my seperate post on crude, I am switching to the alternate count that expects a new swing high in crude before a more significant retracement sets in. I suppose wave (iv) becoming more complex is still a possibility but will deal with that if the next thrust up falls short of a new high. Also, I have advanced the chart to the May contract.
DX is stalling a bit but not unusual considering the FOMC meeting in the middle of the week.
Some headlines this morning moving Euro a bit but probably just part of a small consolidation in front of the FOMC meeting.
Somewhat the same story in gold as that of Euro, probably pausing before breaking lower.
Promising push lower under old resistance. Now it needs to drop under the daily moving averages. As I have been stating for the last couple weeks, the form is improved with one more push lower.
