Good evening to one and all.

The Lord’s Blessing’s to you all again tonight.

Every day the job losses keep coming, and of course this is because the economy is roaring!

Dell Cuts 6,650 Jobs Due To “Challenging Global Economic Environment”

It would take an economist to make the exact wrong conclusion at the exact wrong time.

Goldman Hikes 3 Month S&P Target By 400 Points To 4,000 As Chief Economist Slashes Recession Odds.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We now have a possible five wave pattern off the high at wave [i] today.
EURUSD took another step lower today at a slower pace mind you,
so I suspect we are close to a low for wave ‘a’ of (a) now.
Wave ‘a’ has retraced over half of the previous wave (v) rally now
and if we see a break below 1.06 again I suspect the alternate label may be a better fit for that initial decline.
The action tomorrow will signal which degrtee labelling is correct here.

Tomorrow;
Watch for a low to form in wave ‘a’,
and then a three wave rally in wave ‘b’ back above 1.08 again.
The middle of that previous wave ‘iv’ correction lies at 1.0850 so that may be a good level for wave ‘b’ to complete.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable also has a five wave decline in place off the wave [b] high.
The price has hit the initial target for wave (i) by breaking the previous wave (b) low.
Because of that fact,
I am looking for a low now in wave (i) of [c] as shown.
A corrective rally into wave (ii) should begin by tomorrow evening if all goes to plan here.

Tomorrow;
Watch for wave (i) to complete and wave ‘a’ of (ii) to rise back above 1.2080 as a signal that wave (ii) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

After another step higher today,
USDJPY has now hit the previous wave (b) high at 132.87 again.
The rally seems to have halted at this pivot high,
so I am looking for a top in wave ‘i’ of (iii) now.
Wave ‘ii’ of (iii) should fall back towards the previous consolidation in wave ‘b’ pink.
That support level comes in at about 130.40.
so we should see wave ‘ii’ find support in that area before returning back higher in wave ‘iii’ of (iii) of [iii].

I cannot rule out the alternate count yet.
Only a break back above 134.80 again will do that.

Tomorrow;
Watch for wave ‘ii’ to begin a fall in three waves towards 130.40 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Nothing has been proven or disproved today even if the market is holding below the highs at wave (ii) blue.
I am not convinced by the form of the action off that wave (ii) high yet to be honest.
But I will stick with the pattern on the hourly chart until it is proven invalid by a break above 34370 again.

The only thing I can say in favor of the bearish count is that the price is stepping lower at the moment.
the door is open here for the action to develop in an impulsive pattern.
I am looking at the wave ‘b’ low at 32930 as the initial signal level to indicate that wave ‘i’ of (iii) is in play,
so that is the focus again tomorrow.

Tomorrow;
Watch for this decline to build in a five wave pattern in wave ‘i’ of (iii).
A break of the wave ‘b’ low at 32930 will favor this count for sure.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am looking at a possible five wave pattern lower in gold after todays flat trade.
The decline in wave (a) is now shown as a developing five wave pattern rather than a three wave pattern.
and the corrective action today is labelled wave ‘iv’ of (a).
If this count is correct here,
then wave ‘v’ of (a) should drop again and bottom out near the 1830 level as shown.
There are a series of highs around the 1825 level in the previous wave (c) advance,
and that level looks attractive to form a low for wave (a).

In an ideal world wave (a) would retrace all of the wave (v) advance,
but I am not banking on that happening here since wave (v) was quite an extended rally.

Tomorrow;
Watch for wave ‘v’ of (a) to drop once more and find a low near the 1825 level.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Take a look at the 4hr chart first tonight.
Crude oil has come down substantially over the last few weeks and now we have a double bottom with the early January lows at 73.00 again.
with that in mind I think it is worth mentioning a possible alternate count for wave ‘2’ blue that would allow for a rally into the 85.00 level again.
I will just keep one eye on that possibility over the next week.

As for the hourly count,
There seems to be a low forming today at 72.60 and I have labelled that as wave (i) of [iii].
Wave (ii) of [iii] should trace out three waves up over the next few days.
And I suspect we will see wave (ii) reach back into the 78.00 area to complete this correction.

Tomorrow;
Watch for wave ‘a’ of (ii) to hold above 72.60.
Wave ‘b’ should form a higher low by midweek as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

If the top at wave [ii] has any chance of holding this week,
then I want to see a drop in wave ‘i’ of (i) of [iii] to break below the wave ‘b’ low at 3994 as a minimum target.
And if we see that happen over the next few sessions,
then I will be much happier to suggest wave [ii] is complete.
So there is a lot riding on the next few sessions here.

in terms of the larger wave count in wave [i] and [ii] there there is is nothing to complain about
The internal pattern is pretty solid.
The decline in wave [i] is a clear five wave pattern.
And so far wave [ii] in a three wave rally.
It is a simple measuring stick I know,
but history has proven this setup as reliable.
I just need history to repeat now!

Tomorrow;
Watch for a decline in wave ‘i’ to develop five waves down and break below the initial support at 3994.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

It took two days of declines to wipe out two months of gains last week,
and this week I am looking for that dynamic to take hold as the larger correction in wave (2) develops.

Silver is holding below the corrective range of wave ‘4’ again today.
And now I am looking at a possible five wave pattern lower in wave [a] of ‘A’ as shown.
If this idea is correct,
then we will see a brief rebound in wave [b] for the next few sessions,
and then wave [c] of ‘A’ will take us lower again by the end of this week.

Tomorrow;
Watch for that initial five wave decline to complete wave [a] near the 22.00 level again.
Wave [b] should begin a three wave correction higher back into the range of that correction.
I will suggest 23.00 again to complete wave [b].