It turns out that there is a good possibility that this index may have completed its wave 4 correction even if it fell short of its statistical target. If it decides to go all the way with the correction then support should show up at about 1320.
Here too this index may have fallen short of its wave 4 target…at least that is what indicators show. Closes above 1390 would be constructive.
(unch) It looks like this index got its claws above the critical Gann line and I see some determination that it will hold above 79.60. That would make the next upside target the MOB just below 81.50 . . . if it can get through the downtrend line..
After breaking the channel to the downside, this contract took to a lateral pattern. A decisive break would imply further weakness down to 94.60. It would be a brand new ball game should prices reestablish back into the channel. At this point it does not appear very likely.
June* Natural Gas (unch) Again we are faced with possible support at the bottom of the channel. . . and the possible failure of that support. Such a failure could lead us down to 1.50. Resistance from current levels should show at 2.40.Prices broke in the triangle pattern but barely missed disaster by not trading below the lowest point of the triangle. Therefore the technical picture, while not the strongest, is still intact for this currency.
June J YenRaise protective stop to a close below 1.2340.
June* B PoundStopped out of new short position.
June Cdn DollarNo positions
June Aussie Dollar(unch) I would short this currency initially risking a close above 1.0350. (I am assuming the close at 1.0368 was not enough above 1.0350)
Energy May Natural Gas(little changed) New 13 year lows were posted for spot gas as prices continue to decline with no resiliency. We may witness some kind of feeble bounce from current levels if only because prices find themselves at the bottom of the regression channel and reading overextended. At this point, 1.49 is still do able.
Metals June GoldTraders should still be short this exciting metal protecting positions against a close above 1673. Shorts may be added on a close below 1630.
May SilverNo positions.
July Copper(unch) Protect short positions against a close above 3.700.
Agriculturals July* CornLeave protective stop at a close above 625 for the time being.
July* Soybeans:Short this contract on a close below 1413..
July* Wheat.(unch) Protect short positions against a close above 6.33.
Meats August* F CattleNo positions.
June* L CattlePositions were switched to the June contract. Protect short positions against a close above 117.00.
Softs July* Cocoa:No positions..
July* Coffee:Lower protective stop to a close above 187.50.
October* SugarNo positions but be ready to go short..
July* Crude Oil.After leaking below the regression channel, prices took on a lateral direction on either side of the 104.10 Gann line. A decisive break down now should lead prices down to the critical Gann line at 95.00. It appears likely that we will witness such a break.
