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Good evening to all.

The action this evening has rapidly moved the wave patterns forward in a few markets,

so lets get down to it.

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EURUSD.

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EURUSD 1hr.

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The pattern in EURUSD is still a little undecided at the moment.
Wave [ii] seems complete as a complex combination wave.
the rally in wave (c) reached the target area,
and from that point we have a decline to a lower high in wave ‘ii’.
Wave ‘ii’ pink look corrective to the upside.
So now we need a third wave decline below 1.1000 again
in order to confirm the turn into wave [iii] is underway.

I have shown a possible alternate count for wave (c) of [ii].
this involves a five wave rally in wave (c) rather than the current three wave affair.
Lets see how the action develops tomorrow.

Tomorrow;
a drop back into the 1.1000 handle will rule out the alternate count shown.
Watch for wave ‘iii’ of (i) to begin tomorrow and fall in an impulsive fashion.

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GBPUSD

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GBPUSD 1hr.

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The short term count in cable has the same problem at the moment.
We have a decline in place off the high in wave ‘i’ pink.
And the action off that wave ‘i’ low looks very corrective as a sideways grind to a lower high.
Wave ‘iii’ of (i) needs to begin tomorrow
and fall back below 1.2600 to signal that wave (i) is in force.
When that happens we can concentrate on building a bearish impulse pattern in wave (i) and (ii).
This will offer the best opportunity to enter short into wave (iii) of [iii].

Tomorrow;
Watch for wave ‘ii’ to complete below 1.3012.
Wave ‘iii’ down will begin with a break of 1.2786 and should reach into the 1.2600 handle.

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USDJPY.

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USDJPY 1hr.

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USDJPY has been absolutely dead in the water over the last few sessions until this evening.
Wave ‘iv’ of (iii) completed at the low of the session this evening.
And then wave ‘v’ spiked immediately and hit 109.28.

If wave (iii) is now complete,
then wave (iv) should now begin and correct sideways for the next few days.

the alternate count calls for the top of wave ‘C’ to come much sooner.
And todays spike high may even achieve that.
So it depends on the action from here
whether we trigger that alternate count or not.

Tomorrow;
So far the action fits well with the current wave count.
Lets see if wave (iv) of ‘C’ begins and continues the corrective action.
Wave (iv) should complete above 108.75.

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DOW JONES.

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DOW 1hr.

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The DOW has completed wave ‘iv’ of (iii) at the session low today.
The low of wave ‘iv’ hit 26995
and then the rally in wave ‘v’ arrived in the last hours to carry us back above the wave ‘iii’ high again.

Wave (iii) has now reached its minimum target by tracing out a five wave pattern.
Although normally I expect to see wave (iii) extend a little further.
With that in mind,
wave (iii) of [v] should push up towards the all time high again before correcting in wave (iv).

Tomorrow;
I think this rally now only has about a week left to complete the larger pattern
and with that the bull market rally.
So;
Watch for todays low at 26995 to hold at wave ‘iv’.
Wave ‘v’ of (iii) should push higher for tomorrow at least.

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GOLD

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GOLD 1hr.

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There is a pretty good chance that wave (e) of [iv] has completed at this evenings lows.
The pattern off the wave (d) high has traced out three waves.
Five waves down in ‘a’,
a three wave correction higher earlier today in wave ‘b’,
and then a spike lower this evening in wave ‘c’ of (e).
More importantly,
the pattern has created a higher low above wave (c), in wave (e) this evening.
Add to that,
the fact that the price has now rallied out of the session low in a pretty sharp move higher.
And we have all the pieces in place for a completed triangle
in a large degree wave [iv] green.

This correction has gone on long enough now,
and I think it is time for the market to begin the rally into wave [v].

Tomorrow;
The session low came at 1481 to complete wave (e) and wave [iv].
Watch for that low to hold tomorrow as wave ‘i’ of (i) begins to the upside.
Now I am looking for a five wave pattern higher out of the triangle to begin the next leg up in gold.

This market could be about to get very exciting again,
with the prospect for new multi year highs in store for gold in the coming months.

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CRUDE OIL.

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CRUDE OIL 1hr.

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Crude is lower again today to begin wave ‘iii’ of (i).
The pattern in wave ‘iii’ has only dropped in three waves so far.
So we must see this decline continue tomorrow,
and trace out a full five waves down off the wave [ii] high.
Wave ‘iii’ of (i) should push towards 52.80 again before completing.

The alternate count for wave ‘ii’ is also viable.
This involves a larger correction in wave ‘ii’ before turning lower again in wave ‘iii’.

Tomorrow;
watch for wave ‘iii’ to continue lower again.
Price should hold below 55.90 at the wave ‘ii’ high.
if the price threatens that level again,
that will trigger the alternate count for wave ‘ii’.

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S&P 500.

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S&P 500 1hr

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The short term pattern in the S&P is unfolding according to plan at the moment.
This evenings rally comes in wave ‘v’ of (iii).
I expect wave ‘v’ to continue higher towards 3065 tomorrow,
to complete the larger wave (iii).

At that point I will look for another short consolidation in wave (iv),
before the final high in wave (v) of [v] some time next week.

As with the DOW,
this pattern is drawing to a close again,
and there is only a handful of days needed,
to complete a clear five waves up at six degrees of trend as shown.
The outcome of this rally will be a powerful move lower towards the Christmas season again as happened last year.
Although the next decline should prove terminal for the bull market as a whole.

Tomorrow;
Wave ‘v’ of (iii) is rallying strongly into the close this evening,
so I expect to see a sell off begin in wave (iv) of [v] tomorrow.

Watch for wave (iii) to top out tomorrow in the area of 3065.

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SILVER.

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SILVER 1hr

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Going on the short term patterns,
it looks like Silver will lag behind Gold for a few days at least.

Silver looks to be still correcting sideways in wave [iv].
Todays low has completed wave (c) of [iv],
with waves (d) and (e) left to close out the triangle pattern.

The rally off the low this evening should be the beginning of wave (d).
wave (d) should rise in three waves and complete below 18.32.
The trend line suggests a top at about 18.20 in wave (d).

Tomorrow;
Watch for wave (d) to continue higher in three waves for the next few sessions.
This correction should complete by the middle of next week and then wave [v] will be set to go higher again.

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U.S 10YR.

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US 10YR 1hr.

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Bonds rallied this evening also which is counter intuitive as usual!
The main wave pattern is calling for another drop into support at 128.50 to complete wave ‘i’ down.
In this case,
the price must turn lower again very soon to avoid invalidating the pattern.

This evenings rally may well fit the alternate count a little better.
If the price breaks 130.00 again that will trigger the alternate count,
and then we will have to wait for another week before wave (ii) closes out.

Tomorrow;
Watch for 130.00 to hold.
One more drop into 128.50 will complete wave ‘i’ of (iii).

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