S&P500, Gold and Even Sugar Updates
Stocks are weak at the start of the US session and Gold jumps after Trump cancels North Korea summit. Technically speaking we see E-mini S&P500 turning down into a third leg of decline which can be either wave c or three but, in both cases, there is room for 2680.
S&P500, 1h
Gold is breaking higher, now trades in third leg of recovery which can be even wave three headed up to 161.8% if we consider recent break above the upper channel resistance line. So, for now intraday trend is bullish, as long as 1288 holds; fall back to this level would indicate more downside.
Gold, 1h
Sugar is seen unfolding a five-wave impulsive recovery from May lows, which we labelled as wave c, final leg of a bigger corrective pattern. Wave c is a five-legged wave, so once sub-wave v) finds resistance; ideally around the 12.70 region, that is when a new minimal three-wave reversal will follow.
Sugar, 1h July contract
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