Shallow pullback thus far.
It's Greece again. Nothing new, except that time is accelerating.
Recall Hemingway from The Sun Also Rises:
"How did you go bankrupt?"
"Two ways. Gradually, then suddenly."
European equity markets are down across the board, while yields are up across the board. Pressure builds.
USD has held the 93.16 target (bouncing from 93.13), yet has not done so convincingly. 38% Fib support is just below at 92.18 and could be a magnet.
AUD has printed seven waves from its most recent low: corrective.
EUR looks like it has completed an ABC pattern up. Bearish potential.
Still not seeing anything encouraging from price charts in 2s-30s of late.
WTI crude seems to have stalled or is in the midst of a consolidation before higher prices.
NG continues to look good. There will be plenty of time to get long if the bottom has truly been put in.
Gold could rally further but would probably fall short of besting 1307.80. Continue to feel that the entire move from 1130.40 has been corrective. But, since 1130.40 could have ended a large wave-A down, gold could also be in a larger B-wave up, in which case higher targets could be in store. Frost & Prechter cautioned that B-waves are sucker plays, however, which is why I haven't been fully interested...
...yet remain fully interested as always in the S&P 500 cash market. Even though Friday was rather subdued, there is no evidence as yet that it marked a top of any kind.
Today is the new moon, so be aware that a new direction could ensue for a week or two.
Still think the wedge pattern is in wave three. If so, wave four could test the 2066 area, or lower, but should keep above 2039.69.
There is a gap at 2098.48 to be aware of.
Otherwise, two higher target zones remain in play and could function as targets for wave three: 2132.50, 2135.33, 2135.88 and 2148.70, 2149.35, and 2149.55.