Good evening to one and all.

I love this chart that Hussman produces!

It speaks for itself I think!

Ok, here we go!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has flat-lined today which suggests that wave (b) is still underway.
I have shown a larger wave [b] pattern now developing.
Wave (a) and (b) are almost done.
Wave (b) should drop again overnight and create a clear three wave correction.
And the wave (c) is left to complete the larger three wave pattern most likely by tomorrow evening.

Tomorrow;
watch for wave (b) to complete and then wave (c) to rise into the 1.1900 handle again.

If the price drops off and accelerates lower tomorrow,
that will signal wave [c] has already begun.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave (b) has also held onto the price today in cable.
The action so far has completed an expanded flat correction in wave (b).
And now wave (c) should drop again and break 1.3052 to begin the next leg down.

Tomorrow;
Watch for wave ‘i’ of (c) to drop below that initial support at 1.3052 to begin wave (c).

USDJPY.

USDJPY 1hr.

USDJPY 1hr.

USDJPY daily.

USDJPY is continuing the move higher into wave ‘iii’ of (iii) today.
There should be more upside left in wave ‘iii’ before we see any correction in wave ‘iv’ pink.
I would like to see wave ‘iii’ hit the initial resistance level at 107.04 again to complete.
And then wave ‘iv’ must hold above 106.20 again in order for the bullish pattern to remain intact.

Tomorrow;
Watch for wave ‘iii’ to keep heading higher and trace out a five wave pattern.
The target for wave ‘iii’ lies at 107.04.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW touched the upper trend channel line again today,
and once again we have seen a sharp spike lower off that channel.
It is interesting action for the simple reason that I am hunting for some sort of a decline to begin now!
And it happens to mark the completing of a five wave rally in either wave (c)
or wave [c] as per the alternate count.
And of course the market is displaying all the signs of a top on steroids!

Tomorrow;
It is too early to draw any signal out of todays action only that it is a reasonable start!
We will have to wait and see if this develops into something bigger that we can work with.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The drop off the high labelled wave (ii) is in three waves so far.
This leaves open the possibility that wave (ii) is still developing into a larger flat corrective pattern.
That alternate view will allow for another run up to 1962 again to complete three waves in wave (ii).
and then we can concentrate on wave (iii) down.

For the moment,
the main wave count is still valid.
So we can still see a sharp acceleration lower in wave (iii) at any moment.
A break of 1910 will favor that view.

Tomorrow;
Watch for wave (iii) to continue lower.
A break above 1938 will trigger the alternate wave (ii).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We now have a three wave rally in place to a very slight new high today.
I would prefer wave (c) to trace out a five wave pattern to complete wave [v]
And then we will have a complex flat in place to close out an ending diagonal,
and then a better cause to look for a return lower again to begin wave (5).

Tomorrow;
watch for wave (c) of [v] to complete in the area of 44.00.
A five wave move lower off that high will signal the market is finally turning back into a downtrend.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

There is a possible five wave pattern very near to complete at todays highs.
The price has moved into the upper trend line of this ending diagonal pattern in the final wave of wave (v) again.
If the price falls out of this upward wedge over the next few days,
then we can begin looking for an impulse wave lower to begin in wave (i) down.

The alternate pattern for wave ‘C’ involves a variation of that ending diagonal pattern also.
And wave [v] should be closing out now in that scenario also.

The narrowing range of the price action shown by the converging trend lines should be a point of concern for any market student now.
This action is very reminiscent of the drift into the February highs.
And I remember commenting on that zombie like behavior at the time also.
A similar outcome is in front of us now also.

Tomorrow;
Lets see if the price can manage to drop back off the highs below that lower trend line again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Although the price is lower today,
silver has failed to accelerate into wave [iii] down just yet.
The action is still very corrective looking at the moment.
So I am allowing for a larger wave ‘B’ correction to complete first as shown.
before looking for wave ‘C’ down to begin.

Tomorrow;
Watch for wave [c] of ‘B’ to complete at 27.54 again and then head lower into wave ‘C’.