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Dow 10K

Here we come- said it when I came back last week we are going higher!!

Gold Target 1076

Dollar still bearish

The greenback made fresh lows on the week, maintaining its leading role as the worlds largest supply of weak paper.
My interpretation has structure completing minute [iii] of minor 5 of intermediate (C) of primary [B] at the 75.68 L. My alternate view is that low finished minute [v], thus primary [B].
Should [iii] be complete, then we should be in the beginning stages of [iv]. Any trade through the 77.795 L, the price extreme of [i], will suggest that perhaps it was wave [v] that finished at the 75.68 L.

The move off that low certainly appears corrective in nature.
Bottom line - I maintain my near-term bearish stance. If my assessment is correct, we are getting closer to a turning point, however, were not quite there yet.

Crude

The crude market continued higher this past week as expected.

My interpretation of the crude structure remains the same. I have price tracing minuette (c) of minute [d] in a minor B triangle of intermediate (B). My alternate view is that this is a minute [iv] triangle.

Price ran into the upper boundary of the corrective channel and was initially repelled, but finished Friday's trade closing above it. This also closes price above the daily 50 sma.
I show minuette (a) completing at the 71.39 H, however, it is possible that it actually finished at the 71.97 H.
I'm not real concerned with exactly how the internal structure traces out. Just be aware that this wave could end at any time.
Should price trade through the 75.89 H or the 61.38 L, this would invalidate the triangle view

Soybeans

The bean market enjoyed nice upside price action this past week.
My interpretation of structure has beans completing primary [B] of a double zigzag of cycle wave c. My alternate view is that primary [C] finished at the 1040 H and we have started cycle c down.
This structure reminds me of where the crude market was a few weeks ago. A [B] wave triangle is certainly possible and is a 2nd alternate.
If [B] is indeed finished, we should see 5 intermediate degree waves up that would finish [C], thus completing the double zigzag and cycle b.
Targets include [C] = [A] at 1172.50, while [C] = 61.8% of [A] at 1060.25, which is the minimum upside objective. The 78.6% retracement of a is at 1146.25.

Notice how the channel provided support and turned price higher.

I see no cycles of importance for the upcoming week ahead.

All prices basis continuous contract.

Boring

Nothing happening much- Could be we set up in an consolidation mode as we have not done much either way for about an month. These markets will kill you as they show no sign of trending or volatility besides for day trades.
Just stay flat and be ready when the consolidation passes.

Have a great weekend.

MARKETJEDI