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.
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.
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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