Good evening to one and all.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD turned lower with a violent spike this afternoon,
and the low of the session today actually broke the wave (a) low at 1.0519 again.
I will still view this new low as wave ‘b’ of (b) as shown.
But wave (b) is now tracing out an expanded flat correction rather than a more simple pattern.
In this scenario wave ‘c’ will break above 1.0635 again to complete wave (b).
And then wave (c) will be set to begin a five wave decline to complete the larger wave [ii].

Tomorrow;
Wave ‘b’ should find a low early in the session and then turn higher to begin wave ‘c’.
The price should complete a higher low to begin wave ‘c’ tomorrow.
Wave ‘c’ should hit the wave ‘a’ high at 1.0635 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A similar pattern has played out today in cable and in this case wave [b] green is tracing out an expanded flat correction.
Todays new low broke the wave [a] level at 1.1898,
but the price is holding above that level this evening.
The expanded flat correction requires another rally into wave (c),
and wave (c) should begin tomorrow and rally towards the wave (a) high at 1.2087 to complete that three wave pattern.

Tomorrow;
Watch for the low of wave (B) to hold near todays lows.
An early rally tomorrow will signal wave (c) is underway and the target remains at 1.2087.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We have the guts of a five wave pattern complete at todays high in USDJPY.
The question is this,
is wave [i] complete without a break of resistance at wave [iv]?
Or can we manage a break above 134.50 to complete this five wave rally.

I would like to see a break of initial resistance at 134.50 in order to increase the probability that this pair has actually found a sustainable low at wave (4) blue at 129/47.
I think the bullish pattern is looking favorable here,
but it that remains to be seen if we can get confirmation of the bullish short term pattern over the coming days.

Tomorrow;
Watch for wave [i] to break above the wave [iv] high at 134.50.
Wave [ii] must then create a corrective higher low above 129.50 early next week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is finishing the day back at the lows of wave ‘1’ of ‘iii’.
While this is a welcome move,
it is not enough to consider wave ‘3’ underway yet.
The market must make a sharp move lower to break support at 32466 again to call this wave ‘3’ of ‘iii’ underway.
I am hopeful that can happen tomorrow,
but we are not there yet.

There is a possibility that wave ‘2’ is tracing out a larger corrective pattern that will complete below 33490 again.
And once that alternate wave ‘2’ completes,
then we turn lower into wave ‘3’ of ‘iii’.

I would prefer to see a sharp turn down and early confirmation of wave ‘iii’ pink to be honest.
A less complicated pattern is always welcome!

Tomorrow;
I will be waiting for that confirming price action to develop in wave ‘iii’ pink.
Watch for a further drop to break support at 32460 again and a more sustained decline should then build into wave ‘iii’ pink.
The high at wave ‘ii’ must hold at 33490.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The decline so far in gold is not much to write home about,
but it is a start.
And that is what I need to begin working out the possibilities for any correction that develops from here.

I am suggesting that todays decline is the beginning of wave ‘a’ of (ii) as shown.
Wave ‘a’ should fall below the previous wave ‘4’ low at 1796 again with ease,
We have not confirmed this pattern yet,
so there is more work to do on that initial drop off to get a solid confirmation that wave ‘ii’ has begun.

Tomorrow;
It is hard to know what pattern wave ‘a’ will end up tracing out here.
I can expect at least three waves down in wave ‘a’,
and the initial target for that decline lies at 1796.
So that is a pattern we can work towards now.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude managed to consolidate above 73.00 over the last few sessions,
and this action does look corrective to the upside in general.
So the evidence of a correction underway in wave (ii) is building here.
I have labelled today high as wave ‘a’,
with wave ‘b’ now underway to create a higher low above 72.62.
And I still expect wave ‘c’ of (ii) to rally towards the 76.00 area to complete three waves up over the next few sessions.
A 50% retracement of wave (i) will bring us up to 77.00 at the top of wave (ii).
So that gives us a reasonable target range for this correction higher to complete.

Tomorrow;
Watch for wave ‘b’ of (ii) to hold above 72.62 and then turn higher in wave ‘c’ by Monday at the latest.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The fact that the S&P has retraced yesterdays rally is a welcome one,
but just like the DOW,
it is not enough to confirm anything yet.
The low of wave ‘i’ at 3763 is still the main focus,
as a break of that level will really increase the odds that a third wave acceleration lower is underway.
For now I am just going to have to be patient to see which way the market breaks from here.

Obviously the high at wave ‘ii’ must hold at 3883.
A break of that level will trigger the alternate wave ‘ii’ count.
And that will postpone the danger of wave ‘iii’ into the middle of next week at least.

Tomorrow;
Watch for wave ‘ii’ to hold at 3883.
Wave ‘3’ of ‘iii’ must now turn lower to confirm this wave count.
If the market does not challenge the wave ‘i’ lows tomorrow then I will have to rethink what is going on here.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is on the verge of completing five waves down in wave (i) today.
the price is closing near the lows of the session now,
and I am hopeful that wave ‘v’ of (i) can manage one more drop to complete a solid five wave decline tomorrow.
I would prefer to see a break of the wave (iv) support at 22.54 to complete wave (i) down.
But if that does not happen,
it is not a complete deal breaker!

Tomorrow;
Watch for wave ‘v’ of (i) to push lower once more to complete wave (i) down.
From that point I will look for a corrective lower high to build in wave (ii) over the coming few sessions.