Good evening folks, may the Lord of Hosts Bless you tonight.

Here is a must read on the bitcoin subject;

At its current consumption rates, Bitcoin could never replace the global financial system. Right now, with its high transaction fees, Bitcoin only can handle about 350,000 transactions a day. At that rate, Bitcoin would require 14x the world’s total electricity just to process the 1 billion credit card transactions that take place every day. Bitcoin is not just inefficient, it’s actively anti-efficient. It makes the world worse in exactly the opposite ways it’s trying to help.

No Shame Anymore – Peak Mania!

But there is nothing to see here folks, move on, move on!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Todays rally in EURUSD is a little larger than expected for a fourth wave correction higher.
While the price did not break above the 1.2093 low of the previous wave (i),
I think it is worth looking at the decline off the high a little different tonight.

The drop off the high at wave ‘2’ is now viewed as wave (i) of [i] of ‘3’.
Wave (ii) may have more work to do before we turn into wave (iii) down.
So tomorrows action will be important for the early setup on Monday.

If the price does not reverse and accelerate lower tomorrow,
then we will have to wait until the middle of next week for wave (iii) to begin.

Tomorrow;
Watch for a drop below 1.2000 again to signal wave (iii) is underway.
1.2093 should continue as resistance to wave (ii).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The squeeze higher in cable this week is a little mystifying to be honest.
The pattern in wave [v] is close to done as a five wave ending diagonal.
But that pesky final rally will not let go of the action yet.

I am looking at a different pattern in wave (v) this evening.
Wave ‘c’ of (v) may be an expanding diagonal with the price hitting the upper trend channel line now..
We will have to wait to see if this pattern proves correct and the price drops tomorrow to confirm.

Tomorrow;
Lets see if we get a drop out of this wave ‘c’ wedge to begin the turn lower.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have switched to the alternate count this evening for USDJPY.
The correction over the last 2 days is now more suitable as wave ‘ii’ pink.
And wave ‘iii’ up should begin by Monday evening at the latest I suspect.

A note on the new alternate count.
There is still a chance that the rally off the recent extreme lows is all one higher degree impulse wave up.
either wave [i] green or wave ‘1’ red.
If we see a larger three wave correction off the current highs next week,
that will favor the alternate count circled in red.

Tomorrow;
Watch for wave ‘ii’ to complete the correction above 105.17
and then begin a rally into wave ‘iii’ of (iii) of [iii].

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has only traced out a three wave decline off the recent high.
The price bounced off that lower trend line today,
and at this point the action can only be counted as a correction in wave ‘iv’ of (c).
With wave ‘v’ of (c) now underway with that bounce.

The pattern does not suggest anything more than just a test of the recent high again,
and then we setup for an impulsive decline into wave [i] next week.

The only way this can change however,
is if we drop impulsively again tomorrow and fall below 31000.
That is a pretty low probability outcome now though.

Tomorrow;
Watch for wave ‘v’ to continue to a new high as the market sets a new all time high to complete this cycle.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The question in gold is this,
are we already into wave (iii),
or is wave (ii) still in-force?

I have to admit,
the size of wave (ii) in the main count is a little off putting to me this evening.
It is still valid for sure,
but I can easily see how wave (ii) could retrace back up to the declining trend line again before we accelerate down into wave (iii) of [iii].

Tomorrow;
It all depends on tomorrow action.
A smaller correction higher will favor the main count.
And a rally into the 1800 handle again will favor the alternate wave (ii) count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has rejected the new highs today and moved impulsively off the high again.
We have a five wave pattern complete into the highs off the wave (iv) low now.
And now the level to watch is at the wave (iv) ow of 57.00 again.
A break of that level after an impulsive decline will signal that we are finally turning into a new trend.

Tomorrow;
Watch for a small lower high to form and complete an impulsive wave off the high to lead us lower next week again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Todays small decline is either the beginning of wave ‘iii’ of (i),
or we have an expanded flat wave ‘ii’ still underway.

This is still all very speculative here until we get a break of the first major support at 3666.
But all big moves have to start somewhere.
So I remain hopeful that we can see a larger impulsive move lower into wave (i) over the next few sessions.

Tomorrow;
Watch for the price to hold below the highs tomorrow,
as wave ‘ii’ completes and wave ‘iii’ down begins with a drop below 3884 again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver showing a possible (i) (ii) pattern off the high at wave ‘2’.
This pattern does suggest wave ‘3’ down is immanent,
and it should carry the price down into the 20.00 handle with ease over the next few weeks.

While todays action was not impulsive to the downside just yet,
if we move back into the low 26 handle again tomorrow,
that will favor the bearish count.

A move back below 25.87 again will be the biggest warning sign
that a larger down trend move is taking over into wave ‘3’.

Tomorrow;
Wave ‘2’ must hold at 27.93.
And wave (iii) of [i] is expected to begin by tomorrow evening.