I’m really not looking for a lot this week. I suspect we will be getting some consolidation in many markets…upward move in dollar, downward a bit in gold, perhaps down a bit in S & P. Upward correction in soybeans, etc. I do not think the main trends are complete in most of the markets but it’s time for a bit of a pause. But, who knows, it may be an exciting week in any case.
|
Index/Market |
E-Wave |
Daily Trend |
What’s Next |
Entry Price For Current Trade
|
Stop |
|
SP 500 (ES) |
Up, 3, C, [2] |
Up |
Wave C up of (Y) is still heading up. If A = C it would take S & P to around 1120. .618 of A would take the S & P to around 1064. I watch and wait. |
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|
Gold (GOC) |
Up, 1, (C), [B] |
Up |
Gold should make a new high for year and may eclipse all time high. I have closed out my trade at 1012, assuming that high will come soon. Either way I see the upside as limited. |
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|
10 Year (TY) |
Up, 3, (3), [C] |
Up |
Upward move is back in force. Even if this is actually an ABC correction, should take 10 year to around 119 the Dec. contract Stop has been raised to |
117.266 |
117.125 |
|
Dollar (DX) |
Down 5, (C), [C] |
Down |
Down in final move, looking for bottom. Bottom could be as low as July low but looking at around 75.70ish. |
77.80 |
79.26 |
|
Sugar (SB) |
Up 2 (1), [C] |
Down |
Looks like downward move is in place. Looking for eventual move to below 20. |
22.20 |
23.98 |
|
Soybeans(S) |
Down 3, (3), [C] |
Down |
Wave 3 of (3) in force. Should take to below 900 to 850 or less. |
954.50 |
962.75 |
|
Cocoa (CC) |
Up, 5,(C), [B] |
Up |
Upward corrective wave [B] is likely near and end. Next move should be significantly lower. |
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Lean Hogs (LH) |
Up, c ,(4), [C] |
Up |
Huge spike in down volume on Friday. Will see if top of wave 4 is in at 52.10 |
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