1/12 Daily Commentary

I came in 4% SSO and sold 2% at 50.14.  The 4th wave could already be done but I expect more time to be consumed so I'll wait to get my SSO level back up.

As the above chart indicates the M/A is at 11,696 bringing the critical support break level to 11,538 at the start of the cash session tomorrow.  This is my stop.
Shorted crude at 92.275.  Crude should be ready to resume it's decline having complete an abc upward this morning.  Stop at 92.625. 
Waiting on dollar to trade in a 4th wave rectangle on the way down to it's abc low below 82 basis March.
I1 in buy mode casts a shadow on short commodities and long dollar because it defines the entirety of the risk complex.  I am willing to take these trades as hedges to long stocks.  Individual commodities and currencies have their own sentiment gauges but generally these operate within the context of the I1 direction and level.