Major inflationary expectations seemed to take over last week in commodities. This may result in final upward bubbles in Gold and some others. Silver may continue to move higher but will not be making a new true high anytime soon. S & P looks tired but my wave count still allows for more upward movement. Next week should be interesting.
|
Index/Market |
E-Wave |
Daily Trend |
What’s I’m Looking For |
Entry Price For Current Trade
|
Stop |
|
SP 500 (ES) |
Up,5, (C), [2] |
Down |
Larger trend still seems to be up but daily trend is down. No trade at this time. |
|
|
|
Sugar (SB) |
Down 3, (C), [4] |
Down |
Looks like top is in. Correction may be an wave 4 A-B-C or a new downward impulse. Have raised stop. |
22.5 |
23.68 |
|
Silver (SI) |
Up 3,c,[B] |
Up |
Silver direction still looks up but momentum is diverging. Am long but with very tight stop. |
17.65 |
17.24 |
|
Gold (GOC) |
Up, 3, (3), [5] |
Up |
Have changed Gold count so allows for continued move up to new high. Will see if this holds. Momentum is diverging here. |
1039.7 |
1014.5 |
|
Soybeans(S) |
Up 3, (3), [C] |
Up |
Direction of Soybeans is unclear but giving the benefit to the upward move…perhaps wave [B] did not complete on 6/12 |
936 |
915.5 |
|
Cocoa (CC) |
Up, 1,(1), [C] |
Up |
Trend still is up. But no clear trade yet available. |
|
|
|
10 Year (TY) |
Up |
Up |
Trend is still up but coming very close to stop. |
117.9 |
118.14 |
