Hello everyone.

A few intro charts to get the juices flowing this evening!

Can anybody say EXTREME OPTIMISM ?

Leveraged long to the HILT.

And then there is the reality of things.

https://www.zerohedge.com/personal-finance/17-facts-prove-us-economy-complete-and-total-disaster-zone-point

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Every market got spooked by the words spilling out of j-powells mouth today.
But then it was pretty much back to normal again once the press conference was over!
It would make you wonder, thats all!

EURUSD managed to spike towards the left shoulder high above 1.1900.
And then tumbled off that high again.
A three wave correction is still in place for wave [b] and todays spike lower is likely the beginning of wave [c] down.

Tomorrow;
wave [b] is now set at 1.1903.
This level must hold as wave [c] continues lower.
Watch for wave [c] to push below 1.1753 to confirm the short term count.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable spiked to a new high which ruled out last nights count.

This action has triggered the alternate count showing a five wave rally in wave [c] rather than the three wave structure that I was working with.
The recent three wave correction is now shown as wave (iv) of [c].
And wave (v) of [c] should now be finished at the highs today.

Tomorrow;
It is now more important that ever that we see a decline back below 1.3052 to begin wave [a] down.
The larger wave ‘D’ is still set to decline into the 1.2000 handle in three waves over the next few months.

USDJPY.

USDJPY 1hr.

USDJPY 1hr.

USDJPY daily.

USDJPY has perhaps gotten the most interesting shock of the day.
Initially the price spiked lower to hit 105.60 at the low.
Then we saw a big reversal higher to push out to a new weekly high.

Suffice to day that the USD strength scenario that I am working with is still intact.

Todays low is now labelled wave (ii) of [iii].
With the spike higher off the low labelled wave ‘i’ of (iii).

Tomorrow;
If this count is correct,
The price should register one last higher low in wave ‘ii’ pink,
before we see a substantial rally in wave ‘iii’ of (iii) of [iii] over the coming week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW just cant catch a break these days!

I have moved to the alternate count for wave [c] tonight.
Wave [c] now shows a five wave structure rather than the three wave structure I had shown before.

Wave (v) of [c] is still developing at the moment.
But the sheer number of completed patterns on display now,
from the primary degree down to the subminuette degree in pink is just staggering.
There really is not much room left to push to the upside within this structure.

Tomorrow;
So the patterns all point to exhaustion,
and all that is left is for that inevitable reversal into defeat that comes at the end of every overextended pattern.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold got a real kick up the ass during that fed presser today also.
But I suspect that no body really knows why per se,
because that spike higher was short-lived,
it broke above the wave ‘a’ high,
and now we end the day lower again to begin wave (iii) down.

The pattern in wave (ii) is now best counted as an expanded flat,
and the spike lower off the high is wave ‘i’ of (iii).

Tomorrow;
Watch for wave (ii) to hold at 1976.
Wave (iii) down will be confirmed with a break of 1900 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has not decided to turn just yet.
The price did turn lower today but the action is not impulsive looking at the moment.

I am wondering if we are going to see another three wave pattern higher in wave (c) as shown.
this will further complicate the already extremely convoluted pattern in wave ‘C’.
But unless we see a drop below 42.45 tomorrow,
then a further run up to the trend line at 45.00 is possible.

Tomorrow;
Watch for wave ‘b’ to hold at 42.44.
wave ‘c’ will be confirmed with a break of 43.80 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Wave (c) has now completed a five wave rally this evening,
and wave ‘v’ of (c) is a clear five wave form also.
The upper trend channel line was tagged at todays highs.
The price is still sitting there this evening so there is no sign of any reversal building yet.

Tomorrow;
Every measure of market sentiment is now essentially off the charts,
and has been for the last few weeks.
We all know what comes next in the bigger picture.
But extreme sentiment has lasted for longer than I could imagine at this point.
so until the market runs out of fumes,
I will be left staring on in disbelief.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has spiked to another interim high today also.
But the market moved directly lower off that move.
And now it seems we have an initial spike lower into wave ‘C’ on the board.

I want to see the pattern clear up now,
and the creation of a clear five wave move lower into wave wave [i] over the next sessions.

Tomorrow;
Wave ‘B’ must hold at 27.93.
A break of the 26.00 handle again will signal wave ‘C’ has begun.