Good evening to one and all.

The Lord’s Blessings to you all tonight.

The Headlines today are about all you need to see to know that we are now in a recession, but the blinkers are still on across the markets.

Wait until people actually realize the fact, then the doodoo hits the fan big time!

The lies continue —

Inside The “Strong” Jobs Report: Full-Time Workers -1K; Part-Time Workers +679K

Amazon To Fire 18,000 Workers As Tech Layoffs Surge

Flexport CEO Warns Container Shipping In “Great Recession”

Fed Leading Indicator Shows Unemployment Rate Is Poised To Pick Up

Samsung Profits Plunge 69% As Global Chip Demand In ‘Full-Fledged Ice Age’

ISM Services Slumps Into Contraction, Factory Orders Plunge Most Since COVID

Tesla Shares Tumble As More Price Cuts Hit Markets

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

That rally came in thick and fast today and surprised even me to be honest!
Wave ‘c’ of (b) has now hit the target to complete an expanded flat correction by breaking the wave ‘a’ high today.
And now that wave (b) has retraced almost 62% of wave (a),
We have several points now in place to suggest the top is in for this rally.
So I can now look for wave (c) to begin on Monday.

Tomorrow;
Watch for wave ‘c’ to top out now that the minimum target has been met at 1.0635.
Wave (c) will be confirmed with a drop back below 1.0520 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A sharp rally in wave (c) in cable today actually completes a similar expanded flat correction in cable today also.
The initial target for wave (c) lies at the wave (a) high at 1.2086,
and that level was hit this evening.
With that rally today we have a completed pattern and a top for wave [b] in sight.

Monday;
We should see a top for in wave [b] by Monday evening and once that happens we can look for wave [c] down to begin.
Lets see if wave (c) stops in the bounds of the recent triangle correction near 1.2126.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The high of the session today managed to break my initial target for wave [i] at 134.50.
That top breaks the previous wave [iv] high,
and now the pattern must form a higher low above the extreme low at 129.47.
The low of the session today actually hit the 50% retracement level of wave [i] already.
So in theory, this decline has done enough to consider wave [ii] near to complete.
I am allowing for a larger wave [ii] pattern to form over the coming few sessions,
as it seems to me that a correction at this degree of trend should take longer than a few hours to complete.

Monday;
Watch for wave [ii] to continue on Monday and complete above 129.47.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I was worried that this could happen this week!
But fear not,
all is not lost!

While todays rally has invalidated the previous bearish short term pattern that I was working with for wave ‘ii’.
The alternate count has been triggered,
and I think we now have a more satisfactory internal pattern for wave ‘ii’ at todays highs.
Of course this new wave ‘ii’ needs to be confirmed by a big reversal into wave ‘iii’ next week.
But we will cross that bridge when we come to it as they say!

The wave ‘ii’ correction has now completed a three wave pattern internally.
The whole internal wave ‘ii’ pattern now makes sense for a change.
And the sideways drudge to nowhere last week is a perfect fit within wave ‘b’ of ‘ii’.
So after today,
I am actually happier with this outcome as a more complete pattern.

So roll on next week with a possible wave ‘iii’ of (i) reversal on the cards.

Monday;
Watch for wave ‘ii’ to form a top near this 50% retracement level at 33750.
A break of 32560 again will be the confirmation of wave ‘iii’ down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold was dragged higher in the euphoria today and now this never ending diagonal wave ‘v’ of (i) gets to live another day.
The price has worked its way higher to form a new top for wave (i),
but the internal wedge shape of the pattern is intact.
And the momentum of wave (i) continues to signal a top is near.
Gold has benefited from the general Christmas / new years malaise and drifted higher in the indecision.
WAve (ii) is well overdue now.
And I know I have said this before,
but a nice correction is required here in order to turn bullish in the longer term.
Wave (ii) offers that long term entry point,
and that is what I wait for.

Monday;
Watch for this noose to finally put a stop to the wave (i) rally early next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has a possible (i) (ii) pattern in place at todays high.
And this pattern is looking bleak for this market now!
I can’t confirm this pattern yet for wave (ii) until we see the setup into wave (ii) build nearly next week.
A break of support at wave (i) again will signal wave (iii) is underway.

The relative size of wave (ii) is actually a little small here if I’m honest,
so I would not be surprised to see a larger wave (ii) build as per the alternate count.

Monday;
Watch for wave ‘i’ of (iii) to drop below 72.60 again to signal wave (iii) is underway.
A break of 75.60 will trigger the alternate wave (ii) scenario.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The pattern in the S&P is in full agreement with the Dow now.
And todays rally is now classed as wave ‘c’ of ‘ii’ now.
The correction in wave ‘ii’ now has a clearer internal pattern.
Wave ‘a’ is three waves up to begin the pattern,
wave ‘b’ traced out a triangle into Thursdays lows,
and now the sharp rally today completes wave ‘c’ of ‘ii’ as shown.
The pattern in wave ‘ii’ has now topped out at the upper trend line of the channel.
Wave ‘ii’ has retraced to a 38.2% Fibonacci level to complete a trio of internal signals pointing to the end of this correction.
Wave ‘ii’ should top out on Monday if this pattern is correct,
and wave ‘iii’ is set to take over for the rest of the week.

Monday;
A drop back below 3790 again will break the wave ‘b’ triangle low,
and that should signal wave ‘1’ of ‘iii’ is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver did not make a new high today even after the rally came in off the wave (i) low.
The rally today managed to hit the 50% retracement level of wave (i).
And the price has reached the previous wave ‘iv’ level at the top.

If we see weakness off this wave (ii) top on Monday,
then wave (iii) down should be ready to begin possibly by Tuesday again.

Monday;
Watch for the top of wave (ii) to form a lower high early on Monday.
A break back below 23.10 again will signal wave ‘i’ of (iii) is underway.