maandag 17 juli 2017

Monday Market Update

# The June-July correction could have ended on 7/6 and the SPX could now rallying in a 5th wave into our 8/20 time projected time window for the yearly high. Euphoric call buying on the ISE option exchange on 7/11 alerted us that the next bull market leg higher into our 8/20 projected yearly high, may have started. Still, the expected down turn stays possible, maybe this week?

# Gold and silver rallied in an EW 5-wave pattern from the Full Moon into early Wednesday before correcting in 3 waves into Thursday. We are bullish and the Comex gold COTs are arguing that the PMs are close to a major low.
# Crude oil rallied in 5-waves into early Wednesday and corrected in 3-waves into early 7/13. We think the oil sector is making a major low here and should make a big run into 8/20.
# Bonds can only rally correctively, bearish, looking for another leg down.
# The USD looks weak here and a test of 95 looks close at hand. This may give a boost to commodities....

Geen opmerkingen:

Een reactie plaatsen