Lots of Elliottwave analysis looking for a very pretty wave 5. From the data, it would appear best assumption regarding wave 5 is truncation. However, it is often in my experience that idealized patterns DO NOT materialize at highs. So, with that, today would need to be a particularly bullish day to keep upward potential alive. Data from this perspective is overridingly bearish. Most potentials that are probable today resolve bearishly into the close as shown below. Yesterday, Gold projection tracked well as posted early in the morning in the lounge, with a 10:30 AM bounce and drop. Today the Gold projection would most likely come into play if the markets were showing continued strength into the 8:00 AM to 9:00 AM area or a bit earlier. There are other considerations which could line up to favor this projection and we will update in the lounge accordingly. If the GOLD MSP were to occur, the outcome for today would be pronounced weakness the whole day and into the close.
However, if the threads of upward potential to want to apply, a downward wave into the cash open is the first sign that the cash session could turn productive.