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

Just a reminder for the holiday schedule, check it out here.

https://bullwaves.org/summer-holidays-are-here-again/

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We may have the beginning of wave ‘iii’ of (v) today after a sharp drop back off the wave ‘ii’ high.
The decline broke below the wave ‘i’ low at 1.0382,
but we immediately saw a rebound off that low this evening.
At best,
todays drop is only the first wave down to begin wave ‘iii’,
and in that case we should see further declines into the middle of next week at a minimum.
Wave (v) could easily take until the end of next week to close out if this pattern is correct.

Next week;
Watch for five waves down to complete in wave (v), and a new low to to form possibly below the 1.0200 level again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The action today is enough to suggest that wave (iii) is now done!
I know I have changed my mind on this a few times this week,
you’ll have to forgive me!

The rebound this evening is enough to suggest wave (iv) of [v] is underway.
That rebound must hold below 1.2171 at the wave (i) low.
And then wave (v) should fall again towards the end of next week.

Next week;
Watch for wave (iv) to hold below 1.2171.
Wave (v) down should break 1.1933 at a minimum.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We have a large enough decline this evening to suggest a possible reversal into wave (i) again.
the price has broken below the previous wave ‘i’ level.
And now we need a break of the wave (iv) low a 1.3427 again to confirm the reversal.

Next week;
Watch for wave (i) of [i] to break the wave (iv) low.
and then a clear corrective lower high should form in wave (ii) by midweek.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is stuck in a sideways grind today and the market seems to be forming a flat correction wave ‘2’.
This correction can move higher again towards 31500 without breaking the bearish pattern.
But I would prefer a smaller correction in wave ‘2’ to be honest!

If this pattern is correct,
then wave ‘3’ of ‘i’ must head lower to break 30000 by the end of next week.
And if that happens,
that will be enough to really favor the crash scenario in wave (iii) of [iii].
If next week goes to plan,
then wave ‘i’ will complete a new low near 29600,
and wave ‘ii’ will then form another lower high as shown.

Next week;
This is an idealized pattern here so a lot can change in a few days.
I will be watching to see of the wave (ii) high holds again next week.
And for a clear five wave pattern lower to form in wave ‘i’ to break 30000.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has pretty much ruled out any bullish outlook with todays new low below 1800 again.
The decline in wave ‘b’ is still very corrective looking and is viewed as wave ‘b’ of (ii).
The rally this evening is sharp enough to signal wave ‘c’ is now underway.
And if I am correct here,
I think this rally will continue in wave ‘c’ towards the 1860 level again to complete wave (ii).

Next week;
Watch for wave ‘c’ of (ii) to rally in five waves to reach that 1860 level.
That will complete an expanded flat correction in wave (ii).
And then wave (iii) of [v] should fall again back into the 1700 area over the following week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The low overnight did complete wave [i] down without breaking to a new low below 101.
That level may have been a stretch goal,
but a break of that low will be the biggest vote in favor of the longer term bearish pattern here.
I am a little concerned that 101.00 continues to hold.
So there is a chance that wave ‘2’ may be forming a larger flat correction here.
I will have to wait and see how this rally play out next week.

Next week;
So far we have a possible wave [ii] of ‘3’ correction now underway.
And in that case,
wave (b) and (c) will complete a three wave correction around the 109.00 level as shown.
Wave [ii] should complete by late next week.
And wave [iii] will be lined up for the week after.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

We are close to completing a correction in wave ‘2’ of ‘iii’ this evening.
The rally today has come close to matching the interim high at 3820 again.
That will complete a pretty complex correction in wave ‘2’.
Wave ‘3’ of ‘iii’ of (iii) should begin by midweek.
And a break to a new low below 3636 will confirm the pattern.

Wave ‘iii’ down has a whole lot of work to do here.
I would expect wave ‘iii’ to break into 3300 level at a minimum.
There is a good chance that wave ‘iii’ will close out the declining channel at 3300 again.
So the potential for a large decline again is building.

Next week;
watch for wave (iii) of [iii] to continue lower with an acceleration in wave ‘iii’ of (iii) again.
The market must hold below this weeks high at 3940 for this pattern to remain valid.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver really did a number on me today!

The sharp acceleration lower today has brought forward the wave (iii) decline that I was expecting.
the price fell below the 19.50 level again today,
and now we are approaching the upper target area of where I was expecting wave ‘5’ to complete.

On the 4hr chart you can see that wave ‘5’ has almost closed out the trend channel for the whole wave [2] correction now.
But at this point I do think that wave ‘5’ of (C) of [2] will most likely break the 18.00 level again before forming a sustainable low.

While most of the world will see this development as a bad thing for silver,
I am looking at this as a better buying opportunity for a long term holder.
Wave [2] will complete when there is ‘blood on the streets’ as they say,
and we are not there yet.

Next week;
wave [iii] of ‘5’ will complete five waves down with a further break below 1936 again.
The larger pattern in wave ‘5’ will take another few weeks to complete as it stands.