Good evening to one and all.

The Lord’s Blessings to you all.

I realize that people are going to be cursing me under their breath this evening for not calling that massive market spike.
That is fair,
My counts did not allow for a big knee-jerk reaction higher that transpired today.
Ok,
now that is done,
lets move on with the charts shall we!

I will make one comment on that reaction today,
the cpi print has now all but confirmed that the economy is in recession.
Credit expansion and inflation has now flipped to credit contraction and deflation.

The market is going to be shocked as to how fast this inflation will disappear from here on out.
And as the economy shrinks and takes business with it,
the market will lunge to the downside to try to catch up with the reality on the ground.
I expect the next big story will be layoffs and business closures across the world.
It is already happening here in Ireland.
It is under the radar at the moment,
but that can only happen for so long.

Welcome to the new depression!

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD actually followed the pattern quite well today.
Wave ‘c’ of ‘v’ is now in place to complete the ending diagonal pattern in wave (v) blue.
That action also should bring wave [i] to an end now,
and I will be looking for a three wave correction into wave [ii] to develop over the coming few weeks.

Tomorrow;
The recent lows proved to be a correction low in wave ‘iv’,
so that level will be key to marking the reversal into wave (a) of [ii].
Wave ‘i’ should break the wave ‘iv’ low at 1.0440 over the coming days.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is now moving in lockstep with EURUSD after todays spike high.
The spike higher today did rule out last nights count,
but overall the action is signalling a top in wave ‘A’ is near.

I am looking for a similar reversal pattern to begin in wave ‘B’ as with EURUSD.
Wave [a] of ‘B’ has not begun yet,
but I am confident that a correction lower is now coming our way soon here.

Tomorrow;
Wave (a) of [a] should trace out at least three waves down and break the previous wave ‘iv’ low at 1.21 again.
Watch for a drop down into the range of wave ‘iv’ pink to signal wave (a) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

A sharp drop in USDJPY has changed the pattern for wave (a) and (b) this evening.
But I have not changed my mind regarding the larger wave [a] in green.
We have a higher low still in place for wave (b),
and I am looking for this to result in a rally in wave (c) over the coming days.
Three waves up in wave [a] is the real signal that wave ‘A’ is complete at the recent lows,

Tomorrow;
Watch for wave ‘A’ to hold at 133.63.
Wave (c) of [a] must turn higher again and the minimum target for this rally lies at 137.98 now.
I am still looking at the wave (iv) high at 139.90 to complete wave [a].

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

A 1000 point rally, followed by a 1000 point decline is a solid sign of rational stock market actors at their best.

The market did invalidate the recent bearish pattern today by that massive swing,
but we are right back where we started this evening,
and no better off because of it.

I have presented another possibility for wave (c) of [ii] this evening after that spike invalidated last nights count.
There is a good chance that wave ‘iv’ of (c) traced out a running flat correction and completed at the early lows yesterday.
A three wave pattern higher in wave ‘b’ is a vote infavor of this interpretation.
And a five wave decline into wave ‘c’ completes wave ‘iv’ at a higher level that wave ‘a’.

The blow out rally into wave ‘v’ has reversed in a very impulsive manner today.
But now I am forced to wait for a bearish impulse pattern to build off the top again
to signal wave (i) of [iii] is underway.

Tomorrow;
Watch for wave ‘1’ and ‘2’ of ‘i’ to trace out a lower high to begin wave ‘i’ down.
A break of 33000 again will favor the wave ‘i’ idea here.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

There is no easy answer to the action today as again the spike reaction invalidated last nights count.
I am looking at a possible truncated wave ‘4’ at yesterdays lows,
and that was followed by the sharp rally in wave ‘5’ today.
this rally completed wave ‘v’ and wave (i) again.
And now I will begin looking for wave (ii) to form a corrective decline over the coming week or so.
A 50% retracement in wave (ii) gives us a target at 1720,
while a 62% retracement suggests 1696 as the target.

Somewhere in that target area would be ideal for wave (ii).

Tomorrow;
Watch for wave ‘a’ of (ii) to be confirmed over the coming days with a break of 1765 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We now have five waves up in wave ‘a’ of (ii) after todays move higher.
The pattern in wave (ii) will now favor a simple zigzag correction,
and this pattern will trace out a 5,3,5 internal pattern overall.

If wave ‘a’ is complete at todays high,
then we will see a three wave correction to a higher low in wave ‘b’ of (ii) over the coming days.

Tomorrow;
Watch for wave ‘b’ to begin with a drop back below 73.00 again in three waves.
Wave ‘b’ should hold above 70.30 at the lows.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

While last nights count was invalidated today by that spike rally,
I think I can make the argument in favor of a top in for wave ‘c’ of (ii) now after the retreat off the top.

If we look at the recent sideways actoin as a triangle in wave ‘4’ of ‘c’ of (ii),
then todays rally is wave ‘v’ of ‘c’.
If that count for wave ‘c’ of (ii) is correct,
then we can view the sharp retreat from the high as wave ‘1’ of ‘i’ of (iii) now.
A break below the lower range of the triangle at 3900 again will signal this count is correct.

Also,
The high of the session today stopped below the 78.6% retracement level of wave (i) and then reversed sharply to the close this evening.
All of this does favor the idea that wave (ii) is done,
but I need that all important confirmation with a five wave decline into wave ‘i’ over the rest of this week.

Tomorrow;
Watch for waves ‘1’ and ‘2’ to form a lower high.
A break of 3900 again will favor the idea that wave ‘i’ is underway.
So a break of that level to complete wave ‘1’ of ‘i’ will be ideal.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Five waves up in wave ‘v’ of (v) is now done at today high.
The price has not reversed off that high in an impulsive manner yet.
But The extreme extended nature of this count here should lead to that sharp fall in prices over the coming week.
Wave (i) of [i] should fall into the previous wave (iv) low at 20.55 again in five waves,
so that is the main aim from here.
Just like many of the topping markets that we are facing these days,
five waves down is what I am looking for to signal the turn is in.

Tomorrow;
Watch for a break below 22.00 again to signal wave (v) is complete.
Wave (i) of [i] should at least achieve that much this week.