S&P E-mini Futures:
Recovered from overnight lows, yet currently appear to be double topping.
The big news is that Draghi just spoke in Europe, and basically just said that central banks acting together can be a source of instability although they haven't yet seen any signs of it.
I don't need to listen further.
Meanwhile, here it is.
A fashion mag predicted this in 2014 (& 2015). Right here.
For the time being, the pressure is off. JPY is slightly weakening and CHF more so. EUR is down on Draghi comments. USD higher, to the chagrin of Bernanke who tried his best to jawbone it at a recent speech.
For central banks, USD strength is definitely becoming a problem. Good.
Problem is, there is far more dollar-denominated debt than actual dollars to pay it off, and it's far beyond the capacity of the Fed's balance sheet to rectify.
Booming higher, yet so far unable to crest their best levels from yesterday. Watch.
WTI crude digesting yesterday's turn around. Too soon to tell. NG has made a nice Elliott impulse pattern from its lows. Watch.
No need for gold and silver with Risk On, yet copper is rebounding.
Yesterday, during the depths of the decline, I started to consider that of Elliott waves A and C, C is usually strongest.
Therefore am considering that C may have -- or has nearly -- been put in.
Sure enough, seeing several wave counts suggesting the same. Here's what they look like.
The implication is that, if correct, the market is very close to a ripping rally to new all-time highs.
If not, still thinking 1782 (200wma) and 1750.