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

You know,
I had the strangest thought this evening.
Maybe a market crash will play directly into the hands of the US, govt now.

Look at it this way, it will completely crush inflation across the economy,
and it will allow the govt to spend like a drunken sailor again!
win win eh – if you are a big government type of guy!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has moved back in favor of the main wave count today,
and at least for now I can concentrate on wave (v) of [v] again.
Todays drop off the wave (iv) high is viewed as wave ‘i’ of (v).
the count for wave (v) will be confirmed with a break of the 1.0444 low at wave ‘b’.

Tomorrow;
Watch for wave ‘i’ of (v) to complete a clear five wave pattern into that initial support.
The high at 1.0614 must hold now.
And wave ‘ii’ of (v) must complete below that level.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has moved off the wave (ii) high today also.
The pattern in wave ‘i’ has not yet completed five waves down.
So I am looking for that to happen tomorrow and wave ‘i’ should break below 1.2160 again to complete.

The larger pattern in wave [v] has a lot of progress to make yet.
If this pattern is correct,
then we will see a break below 1.1900 again to complete this wave at a minimum.

Tomorrow;
Watch for wave ‘i’ to break 1.2160 and wave ‘ii’ to create a lower high below 1.2333 again.
The main progress in this decline will happen in wave ‘iii’ of (iii).
And that wave will likely fall into the support at 1.1933.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Maybe I’m a fool to look for a major turn lower in USDJPY while both EURUSD and cable are yet to complete their respective declines.
But I am just following the pattern here,
and I can’t ignore a completed rally
and a bearish lower high if one is staring me in the face!

That wave (ii) lower high is getting dangerously close to the invalidation level at 136.72 again.
And with that,
I am reluctant to make any big statement here!

Tomorrow;
I remain convinced that there is a major correction due in USDJPY,
but I will have to wait again to see if this is the step lower to start that correction,
or if another high will form in wave (3).

A reversal tomorrow to break 134.25 again will confirm this pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The rally in wave (ii) did get further than I expected,
I was initially looking at the 38% retracement level at 31100 as the target to complete the rally.
That idea did not materialize.
But today the price topped out in the range between the 50% and 62% retracement levels,
and now we have a pretty sharp reversal pattern building again off that top.
I cannot confirm wave (iii) down at all yet,
only a break of 30000 again will be enough to signal wave (iii) is underway.

But todays action is favoring the bearish count for sure.

Tomorrow;
I want to see five waves down again this week in wave ‘i’ of (iii).
A break below that 30000 level again is my minimum target for wave ‘i’.
Todays high at wave (ii) is must hold in order to stick with the bearish count for wave ‘i’ of (iii) of [iii].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has not given up the fight on the bullish count yet.
I am willing to allow the time for a rally in wave ‘iii’ of (i),
as long as the low at 1804 holds.
At this point,
only a rally above the 1878 again will confirm the bullish count.

And if we see a break of break that 1804 low,
then I’m afraid I will be forced to change count to that bearish alternate.

Tomorrow;
1804 must hold again.
A rally is desperately needed to confirm the bullish count.

A break of 1804 will switch the count to wave ‘b’ of (ii).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Todays highs hit the 50% retracement level of wave ‘1’.
And now we have a reasonable corrective pattern higher in place along with a tag of that Fib retracement level.
I cannot say that this will be enough to complete wave ‘2’,
but we are getting there for sure!

Tomorrow;
Watch for any weakness around this Fib level.
I am watching for a spike lower to begin a five wave decline into wave [i] of ‘3’ over the next few days.
A break of the wave [a] high at 106.88 again will signal wave [i] is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A five wave decline into wave ‘1’ of ‘iii’ is now on the cards after todays action.
The rally in wave ‘ii’ looks complete now,
after hitting the target area at 3920 at the 50% retracement level.
And today we have an impulsive looking spike lower to add weight to the idea that the correction higher is now complete.

Now I want to see a five wave decline into wave ‘1’ of ‘iii’ over the coming days.
And I want to see a break of that wave ‘b’ low at 3690 as an initial target level for wave ‘1’.
If this pattern is correct here,
then we are about to move into the first serious phase of this bear market.
An acceleration lower in wave ‘iii’ of (iii) of [iii].
That wave has the potential to break back below the 3000 level again by the time it completes.
So this is nothing to sneeze at here.

Tomorrow;
Watch for wave ‘ii’ to hold at todays highs.
Wave ‘1’ of ‘iii’ should fall into the wave ‘b’ low at 3690 over the next few sessions.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The main wave count for wave ‘4’ is still in play today even after another drop to a new low this week.
The pattern off the wave (i) high is in three waves so far,
and I have labelled this as wave ‘c’ of (ii) today.
the price must hold above 20.61 for this count to remain valid.
If we break that level I will be forced to switch to that alternate for wave ‘4’.

Tomorrow;
Watch for wave (ii) to complete above 20.61.
Wave (iii) will be confirmed with a break of 21.52 again.