Good evening folks, and may the Lord of Hosts Bless your life with immense abundance.

It was refreshing to see a company with some scruples out there – https://www.zerohedge.com/markets/gamestop-didnt-sell-stock-during-rally-due-regulatory-restrictions but that company is really suffering now and they could not get away with that slight of hand.

But the depression is in full swing in the real world! – https://www.zerohedge.com/personal-finance/number-americans-jobless-benefits-surges-back-above-20-million

And the reality of a depression is that companies get squeezed – https://www.zerohedge.com/economics/top-publisher-conde-nast-skips-rent-payment-one-world-trade .

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Its a real sideways to nowhere trade over the last few sessions.
I think we can be pretty confident that this is a correction in the larger wave that is playing out here.
Wave (iv) is tracing out a running flat into todays low at 1.2112.
If the price breaks that level,
then wave (iv) becomes an expanded flat.

Once wave (iv) completes,
then wave (v) should rally again above the 1.2189 again to complete the larger wave [c].

Tomorrow;
Watch for wave (v) to run higher again once we have wave (iv) completed with a break of 1.2112.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is drifting lower today after creating a throw-over above the upper trend line early this week.
The price pattern has not dropped in an impulsive pattern just yet,
but there is an opportunity to do that now tomorrow.
I will be more confident that the price has turned into wave (i) if we see a break of 1.3678.
And if that happens it will likely be within wave ‘iii’ of (i).

Tomorrow;
Watch for wave ‘i’ to decline further and trace out five waves down into about 1.3700.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is holding above the 104.40 level at the wave (ii) low so far.
The price has failed to move impulsively higher off that low to begin wave (iii) of [iii].
It is a waiting game here I’m afraid.
Once wave wave ‘i’ and ‘ii’ of (iii) create that next impulsive higher low above the 104.40,
then it will be time to prepare for wave ‘iii’ of (iii) of [iii].

And a serious rally in the USD is something that the world is not expecting or prepared for,
this much I am sure of!

Tomorrow;
Watch for 104.40 to hold and a further move higher into wave ‘i’ of (iii).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I am looking more closely at 31700 this evening as a possible tipping point for this short term pattern.
This is where wave (a) and (c) of [v] reach equality,
and also this is where wave [v] reaches 50% of wave [i] green.
This level provides a nice symmetry within the pattern.

I have labelled the wave structure within wave (c) this evening.
This involves a correction in wave ‘iv’ of (c) now ongoing.
Wave ‘iv’ should complete early tomorrow and then wave ‘v’ is free to rally to a new high and hit the target area.

Tomorrow;
Watch for wave ‘iv’ to complete soon with a drop into 32100 again.
Wave ‘v’ will be confirmed with a rally back above the wave ‘iii’ high.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has dropped today in a more impulsive looking fashion off the midweek high at 1854.
And with this decline it has opened up the possibility that we have wave [ii] complete as a running flat.

The price has traced out three waves down so far off that wave [ii] high.
I want the price to extend lower and trace out a five wave move in wave (i) as shown.
If that happens and we break the previous low of 1784,
then we are on for a larger decline phase in gold that can see us drop into that 1600 area over the coming weeks.

So,
now is a time of real danger in terms of wave [iii] down.
Things could get hairy from here on out!

Tomorrow;
Watch for wave ‘iii’ of (i) to push lower out of that declining trend channel and trace out five waves down to begin wave [iii].

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

There is not much to report in crude until we see that initial move off the high to begin another trend change.
The rally has certainly cooled off this week,
but without any real decline to work with I’m afraid we are in limbo!
Lets see if the momentum reversal can produce a reversal in price tomorrow,
and maybe then we will have a structure to work with!

Tomorrow;
the larger pattern is complete,
now we need the short term action to confirm the top is in.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A days trade without a rally to a new high – thats something at least!

The price has actually created a small lower high today.
And the pattern into that lower high is in three waves!

There is not enough to work with here yet,
but another step lower towards that wave ‘b’ level at 3830 will be more interesting for sure.
Especially since we are seeing weakness off the upper trend line of the expanding wedge.

We gotta start somewhere,
so now is as good a time as any!

Tomorrow;
Watch for the lower high to hold and a push below 3900 again to bring us closer to a five wave decline off the high.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The action off the wave [iv] high has not accelerated to the downside yet,
but as long as the high this week holds,
then price pattern is open to a sharp drop into a third wave right now.

If we see a break below 26.00 again without any correction higher,
that may well favor the alternate count and in that case wave ‘3’ is already underway!

Tomorrow;
Watch for wave [v] of ‘1’ to drop again into 25.87.
if the declines continue towards 24.68,
that will favor the alternate count.