Today’s update focuses on the usual suspects – SPX, RUT, Oil, USD and Gold. At the end of this post also find a video I promised explaining the bigger picture on SPX – was recorded two days ago but still relevant.
RUT – Clearer structure and 4th wave of flat is done, likely we see marginally higher prices to 79’s – Next legg down definitional for short term trend – covered this on the video when speaking about SPX
SPX – 4th wave shallow so leads me to look for another legg down maybe but likely we see marginally higher prices before the pullback. A break of the monthly pivot and expect much lower prices but support found at the pivot, or middle BB would expect all time highs to be broken and higher prices thru Sept as per cycle chart and video below.
Oil – Still heading to 49’s as per previous videos, did finish the flat and appears to be in the last legg down. A turn around 49.20 would expect higher prices into 67’s. More on this next week.
Gold – Did get the push lower as expected, Either low is in here or may see marginal new low. A decent bounce back to declining resistance trendline expected.
USD – C wave now complete – in a flat formation – expecting D lower starting tomorrow.
I mentioned a longer term video – below please find a short video with a few observations which were in the previous article on the S&P calling for the low in July and the next high in Sept. Enjoy and have a GREAT WEEKEND.? 🙂
Longer Term Picture on S&P 500