Good evening to one and all.

The LORD’s blessings to you all tonight.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD finally makes significant progress in wave ‘iii’ this week as todays rally takes the pair back above parity again.
Wave ‘iii’ is tracing out an extension higher as shown by the black labeling,
and that does add weight to the larger wave count in wave (iii) blue.
The key level to hold for this count lies at the wave ‘i’ high of 0.9875.
If that level breaks I will be forced to switch to the alternate count for an expanded flat wave (ii) blue.
Even after this weeks action I cannot rule out that alternate count.
But the probability has decreased significantly.

Tomorrow;
Watch for wave ‘3’ of ‘iii’ to top out and wave ‘4’ to correct lower again into the 1.00 level over the nex few sessions.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave ‘iii’ of (iii) is the best interpretation of this weeks rally so far.
The price broke back above the 1.1500 handle and the wave [a] high again today.
All this is a solid vote in favor of the main count.
If wave (iii) of [c] is in force here,
then we should see the rally continue over the coming days.
Wave (iii) should top out near the 1.1900 level where wave (iii) reaches 162% of wave (i).

Tomorrow;
Watch for wave (iii) to complete five waves up by Friday evening.
the price must hold above the wave ‘i’ high at 1.1407 as wave (iii) completes.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is making steady progress lower this week,
The exact correct pattern for wave (4) is not clear at all yet,
but as we see more of the pattern form off the top over the coming days,
we will be able to make a better judgement on the correct wave count for wave ‘A’ of (4).

There is still a good chance that wave ‘A’ of (4) will trace out three waves down rather than the five wave pattern I am assuming here,
but even if that is the case,
we do need to see a new low form well below 145.00 in a possible wave [c] of ‘A’.

Tomorrow;
Wave (iii) of [iii] must continue lower and complete five waves near the 142.00 area in order to break clear of the wav (i) low at 145.38.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I have been forced out of the previous wave count in the Dow this week,
but as has been the case this year in the market,
the count may have changed,
the outlook has not.

I have switched to a (i) (ii) wave count for the recent action.
With todays highs taking the wave (ii) label.
the three wave rally is close to completion now.
The internal pattern of wave ‘c’ is a flat correction with a solid 3,3,5 internal pattern now in place.
The rally has reached the 62% retracement level also today.
And so far the market has reacted lower off that Fib level.

I know that I am swallowing my words a little here!

I have long been warning of a third wave acceleration lower on the cards as this pattern has developed.
And even if that is still the outlook,
so far the market has been spared the waterfall decline into wave (iii) of [iii].

I don’t konw what will bring about the capitulation into that decline.
But I know this market is searching for a pin.
Maybe the reality of declining earnings and lower forecasts will do it,
or maybe its the deflating housing bubble that will do it again.
We will see.

Tomorrow;
This count is in line with the S&P now.
So I am looking for a reversal to begin into wave ‘i’ of (iii) off this wave (ii) top.
Watch for a turn lower in five waves to begin before the end of this week to kick off wave ‘i’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Three waves up off the wave ‘ii’ low is not a deal breaker for this rally yet,
but I think it has opened up the idea that wave ‘ii’ could be forming an expanded flat correction here,
rather than that simple three wave correction I am showing now.
If the price fall tomorrow and breaks the 1638 level again,
that will trigger this alternate count.
And I will then look for a rally into wave ‘iii’ coming our way.

Tomorrow;
Watch for wave ‘iii’ to confirm the main pattern by extending the rally back above 1700 again.
The wave ‘ii’ low must hold at 1638.50.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

As with most of the markets today crude has put in a reasonable rally off Tuesdays lows.
This rally reflects the sigh of relief that the financial markets are breathing for the last few weeks.
And I do think the pattern here in crude fits that idea well also.
A three wave corrective rally in wave ‘2’ to unwind the bearish sentiment of the wave ‘1’ lows.
This is the same dynamic in play in the stock markets.
The recession is already well underway here and we have a bounce in the financial markets!
My guess is,
the rug is going to be pulled out from under these markets in a third wave collapse.
First we must complete the correction at hand.

Tomorrow;
Watch for wave (iii) of [c] to continue higher and trace out five waves up with a break of the wave [a] high at 92.68.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Slowing upside momentum was evident this week into the highs,
and there is definitly a shift in the action today that has the potential to begin a turnaround off the wave (ii) high.
The price is holding below the 50% retracement level also today,
and I am looking for a rejection of this level to begin wave ‘i’.

We do need some confirming price action to the downside to suggest wave (ii) is complete.
And that will come in the form of wave ‘i’ of (iii) as shown.

I am watching that internal wave ‘b’ low at 3630 as the initial signal level to suggest wave (ii) is done.
If that level breaks it will confirm wave (ii) as a three wave correction.
And that decline should be enough to signal wave ‘i’ of (iii) has begun.

tomorrow;
watch for wave ‘c’ to show signs that it is complete by continuing lower.
A break of the wave ‘a’ high at 3765 again will favor this count.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The choppy action continues in Silver today with a new high above 19.66 and at least a small decline into the close this evening.
There is no evidence yet that wave [ii] has completed.
But the pattern into the highs today has at least complete a five wave move higher in wave (c).
I am looking for a sharper decline to begin off this high to signal that wave (i) is underway.
And a break of the wave ‘iv’ low again at 18.77 will favor this idea.

Tomorrow;
watch for wave [ii] to show signs of a top by falling back below 18.77 again.