God Bless you all guy’s and good evening to you all!

Here is a story on wallstreetbets that I think is worth reading!

Here are a few charts few you this evening.

We have been here before!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We have a five wave decline in place this evening off Fridays highs at wave ‘ii’.
This action suggests that wave ‘iii’ of (iii) is now underway.

The price must break down below 1.200 again this week and accelerate below that level,
in order to confirm that wave (iii) of [iii] is underway here.
The early signs are encouraging for wave (iii).

Even after todays declines the alternate count cannot be ruled out yet,
If we see the price fall below 1.2000 again that will pretty much rule out that alternate wave [ii].

Tomorrow;
I want to see the price decline for the rest of the week with only a small correction higher tomorrow.
I expect wave [iii] green to reach 1.k1890 at a minimum.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

There aint much to report in cable tonight.
The price has stepped sideways over the last week,
and with that the overall pattern cannot be confirmed or denied yet!

I would prefer to see another high above 1.3757 to complete a clear break of the wave ‘iii’ high.

On the bearish side things are beginning to get more interesting though.
the price must fall below 1.3448 to confirm the turn is in,
while the larger top will be confirmed with a break below 1.2186.

Tomorrow;
Watch for a sign that wave ‘v’ of (v) is complete with a breakdown as described.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have switched to the alternate count this evening for USDJPY.
This involves a reworked pattern within wave [iii] mainly.

The price has accelerated with reasonable strength last week,
and with that we can see an extended wave (iii) as the new count.

The overall target for wave [iii] green lies between 105.12 at the 100% extension of wave [i],
while the more traditional 162% extension lies at 106.23.

Tomorrow;
The price must hold above the wave (i) high at 103.95 in any correction this week.
Watch for price to hold above 104.39 as wave (iii) completes.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The futures were hard negative for a while today but the market bounced back out of that decline,
and we are now closing the session back above 30000 again.
The rally today is labelled wave (a) of [ii].
This is obviously the most bearish way to interpret the action,
I can only wait and see if the market climbs in three waves to complete a lower high in wave [ii] this week.

The pattern in wave [i] is a leading expanding diagonal,
This is a five wave impulse pattern with an internal 5,3,5,3,5 makeup.
This is an unconventional pattern for sure,
so I am going to be very cautious in how we confirm this move with regard to the correction in wave [ii] this week.

Tomorrow;
Watch for wave [ii] to continue for the next few sessions as shown.
The price will likely push up to a 62% retracement at about 30500 in three waves.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The wild rally in Silver today is not confirmed at all by gold!
the gold price is holding below that wave [ii] high at 1875,
and the price action is looking weak at the moment.

While I cannot be sure that wave [ii] is complete at that 1875 high,
I can however say that the action into that high is corrective looking ,
and the action off that high is impulsive looking at the moment.
So all eyes on that wave (b) low at 1830 again to see if wave (i) of [iii] will come in this week.

Tomorrow;
watch for wave (i) to break that 1830 level again to signal the top is in place for wave [ii] and that wave [iii] is underway.
I would like to see wave (i) break below 1800 before a correction higher in wave (ii) begins.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is heading north this evening to break out of that sideways triangle pattern that has been in force for the last two weeks.
The pattern can be interpreted as either wave ‘iv’ of (c) of [v],
OR,
wave [iv] of ‘C’ of (4) as per the alternate count.

It really is semantics at this point as I think the outcome is very much the same.
We should see an end to this rally after the price creates a new high in wave ‘v’ this week.

Tomorrow;
Watch for wave ‘v’ to break above 54.00 and complete five waves up in wave (c) off [v].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am looking at the possibility for a running flat wave [ii] in the alternate count this evening.
The decline into the session low in the futures this morning has created a three wave pattern to a new low,
and so far today we have a nice rally to a further lower high.
This creates an overall three wave running flat correction in wave [ii] green.

If we see the price hit a high in the 3800 area and then head lower again,
that will be very interesting as a possible beginning to wave [iii] down.

We are not there yet,
but things are looking up for this wave count now.

Tomorrow;
Lets see if the alternate count takes the reins tomorrow.

Watch for wave [ii] to hold below 3830 and then decline again for the rest of the week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Even though the price rocketed higher today to create a new 7 year high for silver,
I just don’t buy it yet to be honest!

We do have a new high today for sure,
but the pattern has traced out three waves into this high!
I have labelled this high as wave [c] of ‘C’ of (B).
The price has hit the upper trend channel line and then fallen back below this evening.

I have been expecting a large (C) wave to take the price down below 20.00 again to complete wave [2].
Wave [2] may now come as an expanded flat correction.
And in this case todays high makes sense as a false rally.
We will see soon enough if the message boards get sick of Silver and run to the next big thing!
And at that point we should see wave (C) move lower towards that long term target at 18.00 in five waves.

Tomorrow;
Watch for today high to hold and we should see an impulsive decline begin into wave ‘1’ of (C) over the next few days.