Greetings from the beautiful Caribbean where my wife and I are celebrating our 30th anniversary today. I wish I could share my present view of the sea as I type this update. No changes as we head into the holiday shortened week. Equities, CORN and WHEAT remain long, while precious metals remain short.
The favorite bullish count is that minor wave 1 is topping or might have topped on Friday. The negative divergence on the 30 min chart indicates an immediate term pullback is due, agreeing with the wave count as minor wave 2 should retrace 30-40 points of the recent gains.The coming pullback will give the bears one more ray of hope that the massive sell off they’ve been expecting since May will finally occur. But as another month draws to a close, I continue to find these simple monthly candlestick charts supportive of the bullish scenario. While the equities did breach their respective bullish channels on an intra-month basis, they have never seen a monthly close below the channel and ultimately painted bullish reversal hammers as primary wave  drew to a close and wave  began – according to my favorite bullish count of course.
The daily chart for equities once again shows a number of bullish patterns building. Minor wave 1 should test these necklines, and then after a pullback in minor wave 2, the bullish count should see an impulsive move up through them in minor wave 3 on its way to new highs.Of course, there is still the bearish side of things as they cling to the red line off progressively lower highs.f