Good evening to one and all.

The LORD’s blessings to you all tonight.

With 87% of companies reported, S&P 500 Q3 GAAP earnings are down 4.8% year-over-year, the 2nd quarter in row of negative YoY growth.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has traced out a reasonable impulse wave higher off the wave (ii) low this evening.
The rally today expended Fridays run,
and now the action off that wave (ii) does have a five wave internal pattern in place.
this should complete wave ‘i’ of (iii),
and I will be looking for a correction lower to begin soon in wave ‘ii’.
A correction back into the 0.99 level again will be enough to complete wave ‘ii’.

Tomorrow;
Watch for wave ‘i’ to top out and then turn lower again.
Wave ‘ii’ should trace out three waves down and and complete near 0.99 again by midweek.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The action in cable is raising the prospect of a running flat correction in wave [b] after todays rally.
This pattern will be confirmed with a break above the wave (b) high at 1.1645 again.
The rally off wave (b) is not yet a five wave pattern,
but another days trade should take care of that if this pattern is correct.

IF wave [c] of ‘A’ is now finally underway here.
Then this week should be enough to complete five waves up in wave [c]
and close out the channel near 1.2200 again to complete wave ‘A’ red.

Tomorrow;
Watch for wave (i) to top out with a break of the wave (b) top at 1.1645,
wave (ii) down will likely fall in three waves back to the 1.1400 level again.
Wave (iii) of [c] will be a strong rally and top out near the 1.2000 level if this pattern is correct.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am running with the idea that the triangle in wave [b] is complete at todays highs.
If wave [b] is complete at 147.55,
then we should see a decline in wave [c] continue at least for the rest of the week.
Wave [c] should fall in a nice clear five wave pattern,
and the target area for wave [c] lies in the 140 – 143.00 range.
Wave ‘A’ down will then be complete at that low and a rally into wave ‘B’ will begin.

Tomorrow;
Watch for the wave [b] level to hold at 147.55.
Wave (i) and (ii) should create a lower high.
And wave [c] will be confirmed with a break below the 145.00 level again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I will admit for sure that I am disappointed to see a rally in wave ‘2’ retrace so high into the wave (ii) top.
But I can hold some hope in the fact that the rally does look corrective in wave ‘2’ at the moment,
and the price is holding a lower high for the moment at least.

I am looking for a larger signal to build into wave ‘i’ this week.
And the target for that decline lies at the wave ‘b’ low of 30060.

The decline into wave ‘1’ is a nice impulsive structure.
And tonight’s highs have completed a three wave corrective structure and filled a trend channel also in wave ‘2’.
So I am not completely out of bounds to look for another bearish reversal into wave ‘3’ of ‘i’ beginning tomorrow.
If the price falls sharply early in the session,
that will favor my short term count.

Tomorrow;
Watch for wave ‘2’ to hold that lower high below the wave (ii) high.
A break of that level will force me to rethink the short term pattern.

A break of 31700 again will signal wave ‘3’ of ‘i’ is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The bullish possibility for gold is still alive today and the week has started well in general.
The main count is the optimistic interpretation,
and that views the rally into the session highs as wave (i) of [i].
And if this count is correct,
the low at 1617 should hold for the long term and we can expect a sustained rally to begin soon.

there is always an alternate view,
and tonight’s alt count is a little scary I’m afraid!

There is a possibility, however small,
that the rally into these highs is completing a bearish impulse wave ‘i’ and ‘ii’ as shown in the red box.
A drop back below 1617 again will favor this count.
We will cross that bridge if and when we need to.

Tomorrow;
Watch for the lows at 1617 to hold this week as we build a bullish impulse wave off the lows.
Wave (ii) should begin tomorrow and correct to a higher low above that key level as shown.
A 50% retracement in wave (ii) gives us a target at 1650.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has fallen today in a possible wave (iv) correction within this ongoing wave [c] rally.
If wave (iv) is an expanded flat correction as I am suggesting,
then we should see a low in wave (iv) with a break of 89.40 at the wave (i) high,
and then a rally into wave (v) will carry the price higher for the rest of the week.
The action is still suitably overlapping as you might expect in an ending diagonal.
So I can continue with this model for the price action until proven otherwise.

A break of the wave (ii) low at 84.76 again will invalidate this pattern for wave [c].

Tomorrow;
Watch for wave ‘c’ of (iv) to fall into the wave (i) low at 89.40 again to complete.
Wave (v) of [c] is then expected to to turn higher for the rest of the week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The rally today in the S&P has changed a few details within the count,
but I am still quite happy with the outlook here.
Todays rally is now viewed as wave ‘ii’ of (iii) coming to an end.
The size of the decline in wave ‘i’ is less than I wished to see,
but the pattern is still acceptable as a bearish impulse wave off the wave (ii) high.
This evenings top has closed out a three wave rise at the upper trend channel line,
and the price has hit the 50% retracement of wave ‘i’ now also.
If this pattern is correct,
then wave ‘iii’ down is going to begin shortly.
A drop back below the wave ‘i’ low at 3695 again will signal wave ‘iii’ has begun.

tomorrow;
Watch for the high at wave (ii) to continue to hold at 3916.
Wave ‘iii’ is a completed pattern now,
so an early decline tomorrow would be ideal.

Watch for a break of the wave ‘i’ low to get the ball rolling into wave ‘iii’ down.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The rally into wave [ii] has gone farther than I wanted to see to be honest.
And because of that I am offering an alternate count for wave ‘4’ red tonight.
It is possible that a new top near 22.00 will form in wave ‘4’ if that alternate count is correct,
And then wave ‘5’ of (C) should fall into a new low over the coming months to complete the larger wave [2].

I hate to reiterate this all the time,
I am actually a long term bull on Silver into wave [3] up,
but I just don’t think we are done with this wave [2] correction yet.
And the pattern is still suggesting a new low is coming for wave ‘5’ to finish off a long corrective process for silver.

Tomorrow;
The main count is still valid for wave [ii] until the high at 21.23 breaks.
A sharp decline tomorrow to break below the 20.00 handle again will signal wave (i) of [iii] is underway.