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 is holding at the highs created last Friday throughout todays session.
The action is corrective and suggests that wave ‘iv’ of (iii) is underway here.
A fourth wave correction does tend to take longer to work through than wave ‘ii’,
so I would like to see another step lower in this pattern to complete three waves down in wave ‘iv’,
and that would at least match the time taken for wave ‘ii’ to complete.
After that is done,
wave ‘v’ should return higher and push above 1.0500 at a minimum.

Tomorrow;
The high at wave ‘i’ must hold at 1.0097.
Wave ‘iv’ should be complete by tomorrow evening in the area of 1.0240 if all goes well,
and then wave ‘v’ should rally again for the second half of the week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The correction in wave ‘ii’ is relatively small so far,
but there are three waves down complete off wave ‘i’ at todays lows.
If the low at 1.1709 holds again tomorrow,
that will suggest wave ‘ii’ is complete,
And if we see a break of 1.1857 at the wave ‘i’ high that will signal wave ‘iii’ is underway.

Tomorrow;
This count will be invalidated if the price falls below the wave (ii) low at 1.1333 again,
Wave ‘ii’ should complete tomorrow evening at the latest,
and wave ‘iii’ of (iii) will then be set to rally for the next few sessions.
I am looking towards the 1.2300 area for this rally to complete.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has only managed a three wave pattern off the lows so far.
This action suggests wave [a] will be a three wave rally overall,
and the rally into the high today is wave (a) of [a] now compelte.
This pattern can develop and change over the coming days as there is very little to go on yet.
But if wave [a] is now underway,
then I am looking at a rise above 143.00 at a minimum to complete.

Tomorrow;
Watch for wave (b) to hold above 138.46.
If that level holds,
then we should see a rise back above 142.50 again to complete wave [a] before the end of this week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Take a look at the 4hr chart first tonight.
As I have admitted with frustration over the last week,
the continued rally did push the recent wave count to its limits.
And today I have given way to that alternate count for wave [ii] green as shown on that 4hr chart.
Wave (c) is labelled as a five wave pattern with an extension in wave ‘iii’ of (c).
The action today has brough the market to within a few hundred points of the previous wave (a) top,
and so that wave (a) high at 34285 should be broken to complete wave [ii] as an expanded flat correction.

If wave [ii] completes as a running flat correction then we will not see a new high above 34285.
And wave ‘i’ of (i) of [iii] will spike lower tomorrow to begin the next leg down.

Tomorrow;
Watch for wave (c) of [ii] to complete soon with a break of 34285 and a quick reversal lower to begin wave (i) down.
A break of 31700 will signal wave (i) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The rally in wave (i) has done enough now to be considered complete.
And This should lead to a correction in three waves towards 1700 again this week.
The price is holding at the highs again today,
and there is no sign that wave ‘a’ of (ii) has begun yet,
but after a vertical advance like that off the 1616 lows,
I do think it is time so see a consolidation into wave (ii) soon.

The real question in the back of my mind now is this,
when wave (ii) does get going,
will the low at 1616 hold.
That will be the crucial test for this bullish pattern.
As far as the alternate count is concerned we are still within range of that wave (ii) possibility.
A break o 1806 again will invalidate that alternate count.

Tomorrow;
Watch for wave (i) of [i] to complete and reverse into wave ‘a’ of (ii) early this week.
Wave ‘a’ should fall back below 1730 again with ease.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The corrective pattern in wave ‘2’ blue may have been pretty haphazard and a little un-orthodox.
But the reversal lower off that high has been the very much in line with the idea of a third wave decline taking over now.
A sharp decline last week in wave (i),
a retracement higher in wave (ii) to a lower high,
and now the declines begin again in wave ‘i’ to begin a possible wave (iii) of [i].
there is no confirmation of this count yet,
only a break of 76.00 again will do that.
but as long as the bearish count can explain the action well,
then we are in line for an extended decline phase into wave ‘3’ over the coming months.

The alternate count for wave ‘2’ cannot be ruled out just yet.
A break below the 80 handle again will begin to heavily favor the main count.

Tomorrow;
Watch for wave ‘i’ and ‘ii’ to complete a further lower high below 89.36.
A break of 84.00 again will signal wave ‘i’ is in play.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A pretty soft trade today without any hint towards a turn lower just yet.
the action in general is still well within lmits for a second wave correction in wave (ii).
and the internal pattern in wave (ii) is spot on as far as I can see.

I have adjusted the trend channel tonight to show an elliott channel rather than a best fit channel,
and with this channel we get a direct hit on tonights top tick and the top trend line,
also the high of the session has again tagged the 62% retracement level of wave (i) down.
In terms of signposts to signal the end of this correction,
I think we are stacking them up now.

All that needs to happen now is for that initial decline into wave ‘i’ of (iii) to begin.

Tomorrow;
Watch for wave ‘c’ of (ii) to finally top out and then reverse into wave ‘i’ of (iii).
A decline below the wave ‘b’ low at 3740 again will signal wave (ii) is complete and wave ‘i’ of (iii) is underway.

The alternate count for wave ‘c’ of (ii) will allow for another high to complete wave ‘c’ of (ii) near 4080.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

If we look at the action over the last five trading days in silver the first thing we can say for sure is that the momentum is collapsing.
Secondly the internal higher and lows are well over lapped,
put this together and we get a possible ending diagonal pattern in wave ‘v’ of (c).
We have a double topin place at todays highs which is enough to complete that ending diagonal pattern,

When the reversal does happen into wave [i],
we are likely to see a pretty sharp drop to begin that wave.
A break back below 20.00 again will be enough to convince me that wave [i] of ‘5’ is underway.

Tomorrow;
Watch for wave [c] of ‘4’ to top out and fall beck into the trend channel with a sharp spike lower in wave (i) of [i].