Good evening to you all, and may the Lord bless you all tonight.

‘Last week, when the S&P 500 closed at a 52-week high, 334 companies trading on the NYSE hit a 52-week low, more than double the amount that marked new one-year highs. That’s happened only three other times in history — all of them in December 1999.’

“A lot of our clients are selling. Founders and venture capitalists are deciding they want to diversify concentrated positions, or they’re looking at the market and saying, ‘We’re at the top of the market.’” bloomberg.com/news/articles/

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Things look a little brighter today after a small higher low has formed
off the triangle lows of wave [b].
The low of wave [b] is set at 1.1273.
So,
if the pattern off that low is wave (i) and (ii) of [c],
then price should hold above that level from now on as long as wave (E) of the larger triangle is in play.

Tomorrow;
Watch for 1.1273 to hold and wave (iii) of [c] to continue higher in five waves.
A break above 1.1368 will signal wave (iii) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has now reached above the 50 % retracement level of wave [i] at this weeks highs.
I think the pattern is drawing to a close now in wave [ii].
We have a nice three wave correction higher completed.
And we should see a reversal pattern begin next week off this high.

Tomorrow;
Watch for wave ‘v’ of (c) to top out in that gap between the 50% and 62% retracement levels.
Next week I will begin the search for wave (i) of [iii] to begin.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has reached higher than I expected in wave [ii] that is for sure,
but the pattern here still fits a three wave correction higher in wave [ii],
rather than a new impulsive move higher.

At the moment the price is still holding the highs of this rally above the 78.6% retracement level.
And I really would like to see a new impulsive decline to build from here to begin wave [iii].

Tomorrow;
Watch for wave ‘i’ of (i) to fall back towards 114.00 in five waves off this high.
A break of 113.13 again will signal wave [iii] is underway,
that will take time,
but a break of 114.27 again will signal wave (i) is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The santa rally has dashed my hopes for that year end reversal to develop into a new bear market.
But though I am down,
I am not out as the larger patterns suggest nothing but an extended topping pattern in wave ‘5’ blue.
The latest charts show another version of the mature wave [v] idea.
Although we have only three waves up off the recent lows,
the market should press on for another week or so to complete a five wave pattern as shown.
After that I will be looking lower again.

Tomorrow;
Watch for wave (iii) of [v] to complete a five wave pattern as shown.
This evenings small drop is viewed as wave ‘iv’ of (iii).
Wave ‘v’ of (iii) is left to carry higher again to complete wave (iii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has a few options in the short term but I do prefer the straight forward three wave drop into wave ‘C’.
If that is correct,
then this weeks action is a (i) (ii) step lower to begin wave [c] of ‘C’.
And we should expect to see wave (iii) of [c] begin tomorrow with a break below 1788 to confirm the pattern.
the minimum target for wave [c] lies at 1751.

Tomorrow;
If the price pushes above 1818 again that will invalidate the current short term pattern.
I will then consider the three wave correction higher in wave ‘D’ as the most likely pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has traced out a clear three wave pattern higher in wave (2) now.
The correction has reached above the 62% retracement level this week which is another nod to a complete pattern.

The action over the last few days is getting choppy and hard to read at the moment.
It is possible that we have an ending diagonal pattern closing out the end of wave ‘C’ this week.
that would explain the overlapping action alright.
Only time will tell now.
If we see a drop off this high and a break below the wave ‘A’ level at 73.15 again,
that will be a reasonable hint at a reversal beginning.

Tomorrow;
Watch for wave [v] of ‘C’ to top out and fall in five waves to signal a beginning of wave (3) down.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I think the S&P is further along in its final pattern than the Dow after this weeks trade.
The rally in wave ‘v’ of (v) is progressing very well,
and we are looking at a possible flat correction in wave ‘4’ of ‘v’ now underway today.
Overall the rally in wave ‘v’ has almost closed out the trend channel again.
And we ahve a reversal in momentum well underway on the 4hr charts.
At this point all we need is a complete wave pattern in wave ‘v’ pink,
and then I can begin looking for an impulsive reversal to begin.

Tomorrow;
Watch for wave ‘4’ to complete the correction tomorrow and then spike higher again to complete five waves up as shown.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I have landed on the 1,2 1,2 pattern off the lows this week as the only pattern to explain this action in a bullish way now.
Silver is still very close to invalidating this bullish pattern.
The price must continue higher over the coming few days to signal wave ‘iii’ is actually underway here.
Otherwise I am stuck with a three wave rise off the recent lows,
And that only spell further declines ahead.

as I said last week,
21.40 is the no go level.
A break of that level will suggest a larger corrective decline is underway.

Tomorrow;
Watch for wave ‘3’ of ‘iii’ to continue higher and break 23.40.