Starting to look better for bonds to have set a ‘V of (I)’ low today against 172^22. Even better if they can recover and base above 173^13 to begin a climb to at least 174^16.
Finally some good news for bears in crude today. Now need to press under 39.59 and press for 38.36 to 37.53 before much of a bounce. Ultimately prefer [C] of ii be under the October low, perhaps 34.75.
DX slipped under 92.85 today and as expected pressed lower to test 92.46 then bounced. Certainly a candidate for the wave [II] low here. Now need to see 92.85 recovered and build a base above it.
Euro advanced today to test 1.1889 as expected then rejected it. Bears need to see Euro drop under 1.1840 and 1.1797 for confirmation that wave [III] down is underway.
This is a critical point in gold as if things are to go wrong for the short term bullish case, it will be from here. Short term bulls need to hold above the moving averages and advance. If gold drops under 1910.40 and 1888.60, the path lower opens up and gold has a chance to press lower to test 1810.10 or 1752.60.
SPX was largely sideways today. I think it is on the verge of breaking lower. A good chance to see 3400 tested tomorrow and if it fails, can get an acceleration lower toward 3360 or 3316.
