Good evening to you all folks, and the Lord’s blessings to you all tonight.

The rhetoric is increasing between Russia and the west this weekend.

I was naively of the opinion that this war would find a quick end once the parties saw that is was a step towards outright war between the biggest nuclear powers.

I am wrong on that front.

It seems neither the west or Russia want to step back from the edge here. However, I do pray to God Almighty that neither party takes a step off the edge completely.

If we are approaching the end times as spoken of in the book of revelation, then there will be no stopping this situation at all.

And there went out another horse that was red: and power was given to him that sat thereon to take peace from the earth, and that they should kill one another: and there was given unto him a great sword.

The only problem is, I am directly in the firing line with this latest video!

So if you don’t hear from me, well you know what happened!

Russian TV Warns Britain Can Be ‘Drowned In Radioactive Tsunami’ By Single Nuclear Sub Strike.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Just have a quick look at the weekly count that I have included above.
We have a nice filled trend channel at the lows created over the last few days.
This is not a timing tool for sure,
but it dies give us a heads up for a possible reversal pattern coming our way.
Wave (B) of [B] is now a complete pattern.
So I will be looking for that reversal to begin.

The short term chart offers no consolation today!
The small spike higher that we saw last week is being retraced as I write.
There is a small chance of a higher low building in wave ‘ii’ here,
but I will have to wait and see tomorrow if that wave ‘iii’ rally comes.

Tomorrow;
wAtch for wave ‘iii’ of (i) to turn higher.
104.72 must hold.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The count in cable has a better form to the impulse wave off the low this evening.
So I am more willing to count todays decline as a bullish impulse wave higher as labelled.
Of course the same caveat applies here too.
The price must hold above 1.2411 in wave ‘ii’,
and then rally must begin into wave ‘iii’.
A break above the wave ‘i’ high at 1.2616 again will signal wave ‘iii’ is underway.

Tomorrow;
Watch for wave ‘ii’ to for a higher low above 1.2411.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is basically flat today and holding that lower high below 1.3125.
I have not ventured to label very much of the short term action off the top yet as there is just so little to work with here.
There is a possibility that wave ‘ii’ sill top out tomorrow and then I will need to see a pretty sharp decline into a third wave this week.
But the main level I am looking at now is the low at wave (iv) at 126.93.
That level needs to break to turn the tide on this rally.
So that will remain the focus this week.

Tomorrow;
Watch for that top at wave (1) to hold and a reversal pattern to build over the coming few sessions.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is so very close to that February low again now that it seems to be an inevitable break coming this week.
I have mentioned the possibility of a third of a third wave acceleration happening this week,
and that is definitely on the cards now,
and I can only imagine how important that February low at 32272 is as a pivot in the formulae of many thousands of traders now.
A solid break of that February low will be a good signal that wave [iii] down is underway now.
And that wave has the potential to break 30000 again when complete.
So the damage potential is real here.

Tomorrow;
Watch for wave ‘ii’ to hold at 34060.
If wave ‘iii’ of (iii) of [iii] is now underway,
then that wave ‘ii’ high must not break.

Five waves down is in place off the wave ‘ii’ high now,
I have labelled this as wave ‘1’ of ‘iii’.
So there is a chance we will see a correction higher again in wave ‘2’ of ‘iii’ tomorrow.

Wave (iii) = (i) at 31690.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has fulfilled the first requirement for wave [ii],
that is a completed internal pattern showing a 5,3,5 wave form.
The fact that we have a complete pattern does not call a low for wave [ii] yet though.
Wave (c) of [ii] could easily extend a little lower before showing any signs of a rally.

The price has broken the wave ‘iii’ low at 1872 today.
So wave ‘v’ of (c) is definitely underway now.
I am still looking lower for wave (c) now because the trend channel in wave [ii] is not yet filled,
and wave (c) has not reached equality with wave (a) yet.
That will happen at 1818,
so there is still room below to complete wave (c).

Tomorrow;
A break of 1854 again will suggest that lower target for wave (c) in the 1820 area.
Wave (c) of [ii] must hold above 1780.
1843 marks the 78.6% retracement of wave [i].

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

It is getting a little more difficult to stick with the main wave count after todays action.

The price dropped early in the session and hit a low at 99.57,
then a sharp rally brings us back to flat for the session.

I have labelled the action over the last week as wave ‘i’ and ‘ii of (iii).
this should be followed by a rally into wave ‘iii’ of (iii) this week.
And a break of that 107.22 high will confirm that count.
A break above 109.20 again will rule out the alternate count.

Tomorrow;
Watch for wave ‘ii’ to hold at 99.57.
Wave ‘iii’ of (iii) must continue higher and and break 109.20 at a minimum.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has broken below 4100 level today and with that the idea of a third wave decline just got a big vote of confidence.
Wave [iii] green is expected to fall into the 3700 level when complete,
that is where wave [iii] reaches 162% of wave [i],
so it is an attractive area to find a low.

The main count labels this decline as the beginning of wave ‘iii’ of (iii).
so the acceleration phase into wave ‘iii’ of (iii) has now yet started.
The price has bounced this evening in wave ‘2’ of ‘iii’,
so I am looking for yet another second wave pattern to complete tomorrow,
before wave ‘iii’ really turns lower again.

The alternate count for wave (i) and (ii) is also a possibility here.
If the price rallies above 4300 again that will trigger this alternate view.

Tomorrow;
Watch for wave ‘2’ of ‘iii’ to complete another lower high below 4300.
Wave ‘3’ of ‘iii’ of (iii) of [iii] is on the cards next if this count is correct.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is getting close to hitting a low in wave [iii],
but the pattern suggests one more step lower created by wave (iv) and (v) over the coming week to complete wave [iii] as shown.
I would like to see a break of that 21.40 level again as wave [iii] completes,

The price did drop to a new low today and that may be enough to complete wave (iii) of [iii].
The bounce off that low suggests wave (iv) is now underway.
Wave (iv) will trace out a three wave pattern higher over the coming days,
with the target in the area of 23.50 again.

Tomorrow;
Watch for wave (iv) of [iii] to begin a correction higher as shown.
There are many options for the pattern in wave (iv) so it may take quite a while to figure out what pattern is most likely.
At the moment I am working with a simple three wave zigzag higher.