Good evening folks, and may GOD Almighty Bless you tonight.

Hyper inflation eh?

Lumber Prices Record Biggest Weekly Drop Ever As Supply Increases.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has corrected slightly to the upside today within a possible third of a third wave down.
the price may be tracing out a small fourth wave correction within wave ‘iii’.
In this case the price must hold below 1.2143 at the recent spike low.
A break of this low will signal that wave ‘ii’ is still in force,
and we will likely see a larger three wave pattern to the upside to complete below 1.2255 again.

Tomorrow;
Watch for wave ‘iii’ to continue lower and the low at 1.2143 to hold.
I want to see wave ‘iii’ move into the 1.20 handle to complete.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has dropped into the neckline of this topping pattern at 1.4070 again today.
This level has held for the last month as the previous rally completed and the topping pattern has formed.
I expect this level will be broken finally when wave ‘iii’ of (iii) takes over in a few days.

Wave ‘i’ of (iii) seems to be complete at todays lows,
and now wave ‘ii’ is underway.
Wave ‘ii’ should trace out three waves to a lower high below 1.4185 and then wave ‘iii’ of (iii) should accelerate lower later in the week.

Tomorrow;
Watch for wave ‘ii’ to complete a three wave correction tomorrow.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is moving higher out of that wedge pattern created last week.
The price is pushing towards the previous high at 110.32 and if we break that level again I think the corrective phase should be behind us then.
Wave (iii) up has the potential to carry above 112.00 if it gets going like I think it can.
We will see soon enough on that one!

Tomorrow;
Wave (ii) must hold at 109.18.
A break of 110.32 is the action to watch for now to confirm wave ‘i’ of (iii).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has rolled over to the downside today with the ever building possibility that a third wave down in wave ‘iii’ of (i) is now underway.
The price must continue to work its way lower for the next few sessions towards that 33470 target area in order to favor the downside in the short term.

Todays action is now threatening a break of that supportive shelf above 34300.
and if we remain below that level tomorrow,
then I think we will see that impulsive pattern in wave (i) down by the end of this week.
One step at a time though.

Tomorrow;
watch for the decline to continue in wave ‘iii’ of (i) to break 34000 and continue lower.

The previous wave (b) low lies at 33470 and that marks the target for wave (i) down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold gave another push lower today also and broke the 1855 handle that marks the wave (i) low again.
This action now leans heavily in favor of the bearish count,
with wave ‘i’ down complete and wave ‘ii’ now underway.
wave ‘ii’ of (iii) should complete tomorrow below the wave (ii) high at 1902.60.
If we see another corrective second wave form below 1902,
then wave ‘iii’ down will be set to follow before the end of this week.

Tomorrow;
Watch for wave ‘ii’ to complete three waves up by midweek.
Wave ‘iii’ of (iii) will be confirmed with a break below 1845 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is moving into the last phase of a final thrust higher in wave [c] of ‘5’.
Todays action is viewed as a developing five wave pattern in wave (v) of [c].
And in this case we should see a small five wave pattern complete in wave (v) of [c] by tomorrow evening possibly.

The initial support lies at 68.55 at wave (i).
If that level breaks it will be the first signal that wave (v) is complete and wave [i] down will be open for business.

In terms of the larger pattern in wave (5) green,
the expanding wedge is now almost full and wave ‘5’ of (5) is close to touching that upper wedge line and closing out its own trend channel also.
With that in mind,
I think wave (5) will complete this week and wave [i] down should begin.

Tomorrow;
Watch for wave (v) to complete its pattern by midweek also and then I will begin looking towards wave [i] down again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

That noose is tightening around the rally in wave (v) now.
The price has actually turned lower today before reaching the upper trend line of the wedge.
The move is too small to read anything into it yet,
but I find it interesting that the market is back below the previous high at 4244 again,
and the rally off the wave (iv) low looks out of steam completely.

The next impulsive move lower should be of a similar size and vigor as the previous drop in May.
At the moment I am just waiting for this wedge to complete with a break of 4167 and then I can work on a pattern to the downside again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is moving into dangerous territory at this point.
A three wave correction to a lower high is complete at wave (ii),
and the price fell sharply off Last weeks highs in a possible wave ‘i’ down.
Todays trade brings a possible second wave high at wave ‘ii’ again.

As with a whole lot of markets at the moment,
A third wave move beckons,
in this case it is wave (iii) of [iii] that I am looking for.
And a break of 27.00 again will signal that wave (iii) is in force.

Tomorrow;
28.27 must hold and wave ‘iii’ down must begin to fall back into the 27.00 area again.