Good evening to one and all.

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

David Rosenberg;

Is this the definition of a “no landing”?

The 3-mo (SAAR) trends in building permits -46.6%;

housing starts -20.8%;

exports -11.2%;

construction -7%;

real retail sales -6%;

IP -5.2%;

real durable goods orders -3.9%

shipments -1.2%;

Real cons. spending -0.3%.

See any “+” signs?

https://twitter.com/bullwavesreal

EURUSD.

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EURUSD daily.

We are working with a few alternate counts this evening after a day of further retracement in a few markets.

Starting with EURUSD,
The pattern into last Fridays low completed as a three wave decline.
And now the bounce off that low has gone far enough to consider the alternate count for wave ‘b’.
the lo0w at wave ‘b’ broke the low of wave ‘a’ in pink,
that break suggests wave ‘b’ pink is an expanded flat correction.
And in that case wave ‘c’ of ‘b’ will complete above the wave ‘a’ top at 1.0792,
and then we should see a reversal lower into wave ‘c’ later in the week.

Tomorrow;
Watch for wave ‘c’ of ‘b’ to top out with a break of 1.0792 before the end of tomorrows trade.

GBPUSD

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GBPUSD daily.

It is a very similar situation in cable tonight.
Wave ‘b’ of (ii) only managed a three wave drop to form a higher low this morning.
The price has now bounced off that low at wave ‘b’,
and I am suggesting that wave ‘c’ of (ii) is now underway.
Wave ‘c’ should top out above the wave ‘a’ high at 1.2195 at wave ‘a’.
The 62% retracement level comes in at 1.2250.
That gives us a nice tight range for wave (ii) to top out and reverse into wave (iii).

Tomorrow;
Watch for wave ‘c’ to rally in five waves and break the wave ‘a’ top at 1.2195.

USDJPY.

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USDJPY daily.

USDJPY has just managed to hit the previous wave ‘i’ top at todays high.
The price failed to break wave ‘i’,
and now we see a drop back below that level again this evening.
I am wondering now if the pattern is building another impulse wave to begin wave ‘iii’ pink.
This will involve a three wave decline in wave ‘2’ to form another higher low in the area of 131.50 as shown.
If this pattern is correct,
then we will see wave ‘2’ fall further tomorrow,
and the rally in wave ‘iii’ of (iii) will be postponed until later in the week.

Tomorrow;
Watch for a three wave corrective decline to complete wave ‘2’ of ‘iii’ by tomorrow evening.

DOW JONES.

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I don’t know if I can call this a quadruple top now after todays rally back into 34300 again.
The rally has again fallen short of a break out.
And the internal pattern of this rally is a three wave form.

Last weeks count for wave ‘i’ of ‘iii’ has been ruled out by todays action.
But the main count suggest this action is only fullfilling a new pattern within wave ‘c’ of (ii).
The action is incredibly confused and overlapping in wave ‘c’.
So the ending diagonal pattern still fits here.
The rally in wave ‘c’ is again stopping below the level where wave ‘a’=’c’ at 34300.

I remain pretty confident on the main count in wav (ii) blue.
So it seems that I have to wait again for that initial step down into wave ‘i’ over the next few days.

Tomorrow;
Watch for another top to form in wave ‘c’ of (ii).
And then the initial move lower to break support again to signal wave ‘i’ of (iii) is underway.
Im am going to wait for a break of the wave ‘2’ low at 33260 now as the signal level for wave ‘i’ of (iii).
This is bigger ask for the pattern.
but I think it is warranted to be more sure of the reversal potential.

GOLD

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GOLD daily.

The gold market has faltlined over the last few sessions and there is few ways to account for this action.
I am showing this move as a correction within wave ‘2’ of ‘c’.
And this correction may still be ongoing as shown.
This should be followed by a sharp decline complete the five wave pattern in wave ‘c’ over the next few days.

We could also view the new lows as the completion of a five wave down in wave ‘a’ pink.
And in that case wave ‘b’ will take over and track higher over the coming few sessions again.
Its another case of wait and see here,
the next move should clear up what idea is correct for wave (a).

Tomorrow;
Watch for wave ‘c’ down to turn lower again and trace out five waves down near that 1780 handle again.
A quick decline tomorrow would really simplify the matter here.
1890 should hold.

CRUDE OIL.

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Crude is another market that is hitting a brick wall tonight.

We are in a similar situation in crude oil tonight as the action is pretty choppy today.
Wave (iii) of [c] dies not account for todays action very well yet.
The price must turn higher again tomorrow in order to fit the wave (iii) count.

I am going to stick with the idea of a larger run higher in wave [c] towards 82.65 until proven otherwise.
But I can say that if the wave (ii) low at 76.68 is broken again
that will shift the balance back in favor of the alternate count.

Tomorrow;
WAtch for wave [c] of ‘2’ to rally back into the 82.65 level to complete three waves up.
The low of wave (ii) must hold at 76.68 in order for this count to remain valid.

S&P 500.

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S&P 500 daily.

Another frustrating day for the S&P with a spike rally that has retraced over half of the recent decline.
I can’t ignore the fact that we have a three wave pattern in place off the top at Fridays lows.
And todays rally only goes further to suggest that the recent decline is only a correction within wave (c).
If that is correct,
then the recent low must take the wave ‘iv’ pink label.
With today spike rally now beginning wave ‘v’ of (c).
This count can change again if the price reverses tomorrow and accelerates lower,
then I can revert to Fridays more bearish count again.

Tomorrow;
Watch for wave ‘v’ of (c) to top out with a break of 4195 again.
Wave ‘i’ of (i) of [iii] will have to wait until later this week.

SILVER.

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SILVER daily.

Silver is one market that has not upset the apple cart for today at least!

The action is still pretty unclear off the lows at 21.80.
But I am suggesting this low is only wave (b) of [b] here.
Wave (c) of [c] can turn higher towards 22.70 again to compelte an expanded flat correction.
And then wave [c] will turn lower later in the week if this count holds up.

Tomorrow;
Watch for wave (c) of [b] to turn higher and hit 22.60 at the previous wave (iv) high by tomorrow evening.