A very likely Elliot wave pattern on Crude.
Treasuries look oversold, equities look overbought, the dollar looks like a rounded top. The signals should be weak on the reversal side, but small size should be played short USD themes. GBPUSD is one of them and should respect this barrier for now.
Markets were not boring moving into the new year but clear selling has commenced. We believe that equities will continue to move lower and that the dollar will also fall in tandem. UDOW some clear defense at the DS2 today around 94.50 but the structure is starting to complete a rounded top, along with most correlated instruments. We think equities can bounce here...
This favors the bullish care since we are in a predominate bullish trend, but unlikely to last long.