This Friday Update focuses on two indexes, RUT, SPX, ES, Oil, Gold and USD.
SPX – Test of the Monthly pivot at 2083 or key fib at 2079 coming soon. From there a backtest and then lower. We had a thrust out of a triangle to form the B wave, more downside than the monthly is in store. For now let’s see what occurs at 2083-79. Last note – Bears running out of time – low window center date is 7/26, hurry up bears.
USD – On track so far, final target in the 90.xx area. Next support test 96.85-96.50, back test then lower to monthly pivot. Then much larger bounce, 50 back, then to target. Will take time to play out.
Gold – We may have a lower low in store, covered in video levels we need to break to open 1065. From there we backtest the monthly S2 or 1250 areas then lower to 1028’s. Next few weeks gonna be fun.
Oil – We broke a key level today as we were expecting a marginal new low, structure is definitely in a 5th wave but the next legg up gonna show us the bulls true colors. Expecting 47.40 area then a shallow backtest then low 45’s. If the bulls can then break 54.25 they have a shot but failure to break that level in this structure will open a lower low to perhaps a 30 handle print in the next month. This next legg up is definitional for Oil. Will cover this in more detail and other commodities in Chart Chat.
Don’t forget Chart Chat on Sunday at 4:00pm EST. Signup if you can’t attend so you can get a copy of the video. One hour of market coverage. Have a GREAT WEEKEND and good luck tomorrow. 🙂