Bonds moved lower from the 145^27 resistance but supported by the first support at 144^28 thus a little early to clam wave (a) is complete. First real confirmation of moving lower in ‘a of (b) will be a drop under 143^20 which is likely to coincide with a test of the moving averages.
Crude reversed from just above 41.48 which is the low in this contract. As I pointed out in the weekly chart on the continuous contract in the last post, prices are already down into the tails of the prior lows. Over 47.32 the low may have been set this morning. Pressing to a new low from 47.32 would be nice but I hate looking for lower when this deep in the hole, instead prefer to find reasons to go long.
While DX remains under 97.11 and 97.33, they can still drop to for a deeper wave ii retrace. I prefer lower but they need to get going relatively soon or DX can start 2019 with a strong move higher in wave iii.
Higher in wave ii is still alive in Euro as long as 1.1415 to 1.1396 support holds.
A wave (iv) high in gold may have been set. Next need confirmation with prices staying under old resist at 1272.40 and dropping under 1263.00.
The SPX was on plan early this morning pressing to a new cash low then went for a bounce as expected. Where it surprised me a little is the strength of bounce as I expected it not to make it this high this quickly. Still, the form would look best with another low from 2476 or 2251 before a more lengthy bounce in both price and time sets in.
