donderdag 22 juni 2017

Thursday Market Observations

# We hit our SPX 2450 target on 6/19. It appears that the broad market is rolling over into our expected 5-10% June-July/aug correction. We need to see a clear EW 5-waves down on the SPX hourly chart for confirmation. Taking out Wednesday's low on the SPX (2428) will argue for another leg down on Thursday. Also, the NDX may be tracing out a sideways correction on the daily chart which could still need a C-Wave down to finish the correction from 6/9.
# Gold touched $1241.7 early in Wednesday's session and is rallying sharply after hours. This may just be a 4th wave bounce on the hourly into the 6/23 New Moon. A quick test of the 5/9 low ($1214) by the 6/23 New Moon is still possible. We have a symmetry target of $1234 for gold.
# Silver made an undercut low at $16.315 before rallying hard Wednesday evening; this could be a 4th wave bounce into the 6/23 New Moon.
# Crude oil was crushed again yesterday and tested $42. However, we are close to the 6/23 New Moon Timing Window and expect a trading low by Friday's close. The XLE finished 5-waves down and we may be close to a major low.
# Bonds continue to rally.
# The USD continued its sell off from Tuesday and may be ended an EW a-b-c bounce/correction on the hourly chart on 6/19....