Good evening folks, And God Bless you all tonight.

This market is really one for the books, my eyes are watering and I’m getting jelly knees now!

Just check out John Hussman’s latest and see for yourself!

here is one his latest charts to show how extreme this top is.

Put that in your pipe!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave [ii] is moving along reasonably well today.
The whipsaw action overnight and today seems to have completed an expanded flat wave (b) at the session low.
The price is still holding above the previous low at wave [i],
and the price has recovered slightly off todays lows.
Wave (b) is now in place,
so we can expect to see a rise in wave (c) up towards that 1.2200 level again tomorrow to complete three waves up.

Tomorrow;
Watch for wave (b) to continue to hold above 1.2054.
Wave (c) minimum target lies at 1.2159.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable did break the previous high at 1.3712 by a pip today,
and with that we do have a legitimate three wave pattern in place in wave ‘v’ of (v).
The price has reversed off the high this evening,
and with that we have a top in place for the whole rally.
Its a valid count now,
but we need confirming action to the downside over the next few days to signal wave (i) is underway.
In the form of a five wave decline in wave (i) as shown.

Tomorrow;
Lets see if the high can hold at 1.3716.
A drop below 1.3518 will suggest wave ‘i’ of (i) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The price moved lower today and broke out of the triangle wave (b) pattern that I showed last night.
This decline might be wave (c) already underway,
but I am not very happy with the internal pattern for wave (b) right now.

So that does call into question the overall pattern in wave [ii] also.
But I cannot deny the pattern either,
it is possible that wave [ii] is near to done here.

The decline did meet the minimum target for wave (c) also,
so there are some elements in favor of the current pattern.
Again we will just have to wait and see how the pattern develops off this low.

Tomorrow;
I am allowing for wave (c) to drop into the trendline at about 103.30.
And then a rally should begin into wave (i) of [iii].

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow moves another step closer to that final high in this pattern.
The ending diagonal pattern requires one last all time high above 31250 or there about to finish off wave (v) of [v].

The rise so far in wave (v) is in three waves.
I have taken the more aggressive stance and labelled this three wave rise as wave (v) complete.
The size of wave (v) in comparison to wave (iii) is small at the moment,
so there is also the possibility that the current three wave rise off wave (iv) is actually only wave ‘a’ of (v).
We will have to wait and see on that one!

Tomorrow;
Right now I am looking for wave ‘c’ of (v) to complete above 31250.
The final high does not have to go much higher.

This pattern will likely finish this week and then we can look for a reversal to form next week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold rallied into wave (c) quite rapidly today after completing an expanded flat wave (b),
and now wave (c) of [ii] has broken above the previous wave (iv) high.
this was the initial target area for wave [ii].
The price has not yet reached the 50% retracement level of wave [i] yet,
that level sits at 1880.
As far as the pattern goes,
we are in a good position now for wave [ii] to complete.

Tomorrow;
If we see an impulsive decline off the currnet highs that breaks 1800 again,
that will signal wave [iii] is in force.

Watch for wave [ii] to complete in the area of 1880 tomorrow.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Wave ‘v’ did not quite make a new high above 54.00 today,
the price fell short of hitting the recent top and turned lower this afternoon.
This slight decline is likely a correction within wave ‘v’.
And we should see a rally back above 54.00 to complete the pattern before this week closes out.
The price should hold above the wave ‘iv’ low at 51.80.
If that level breaks,
then wave ‘v’ will look more like a failed fifth and wave (i) down may be underway.

Tomorrow;
Watch for wav ‘iv’ to hold.
Wave ‘v’ of (c) should complete tomorrow.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is pushing up towards that upper trend channel line this evening after hitting a new all time high this morning.
The top for wave (v) is coming into focus now.
As the price should not break much above that upper trend line in wave ‘c’ of (v) to complete the ending diagonal.

Tomorrow;
All the criteria have now been met for wave (v) of [v] to complete.
A three wave rally into a new all time high today.

So now I am looking for this top to close in for wave [v] now, lets see if we can get turn soon.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver spiked higher off a running flat wave [b] today.
And the price is now sitting just below the previous fourth wave low at 25.88.
The 50% retracement level at 25.96 creates a cluster of targets in very close proximity here.
So I would not be surprised to see the price reverse off these levels pretty soon.

Tomorrow;
We have a three wave pattern higher now almost complete.
So wave ‘2’ is close at hand.

If we see a drop back below 25.00 from here,
that will signal wave [i] of ‘3’ is underway.

Watch for wave [c] to complete by tomorrow evening.