Good evening to one and all.

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

Welcome back to a new week and its been a good start for the patterns so far, its a short week so I am expecting alot for the few days we have to work with, but so far so good, lets get into it.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is reversing out of that possible rally into wave ‘c’ today.
The price has not invalidated this idea yet by breaking the wave ‘b’ low at 1.0612.
I will stick with this wave count for wave ‘b’ pink until that level breaks.

The internal pattern off the wave ‘a’ high at 1.0803 is a three wave pattern,
and that is the reason I prefer this interpretation.
The expanded flat wave ‘b’ requires another rally in wave ‘c’ of ‘b’ to complete above 1.0803 this week.

Tomorrow;
Watch for wave ‘b’ to hold at 1.0612.
If the price pushes back above 1.07 again, that will suggest wave ‘c’ of ‘b’ is back in play again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable managed a rally today to complete three waves up in wave ‘ii’ of (iii).
The price topped out with a break of the 62% retracement level of wave ‘i’,
and now this evening the price is falling off that top again.
This action suggests wave ‘ii’ is complete at todays highs.
A break back below 1.1914 again will signal wave ‘iii’ of (iii) is getting underway.

Tomorrow;
Watch for wave ‘ii’ pink to hold at todays highs.
Wave ‘iii’ of (iii) down should fall rapidly towards the 1.1700 area again.
A break of the wave [a] low at 1.1840 again will confirm the wave [c] count.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY did manage to break above the previous wave ‘3’ high at 135.10 again today.
That fact alone does not convince me that wave ‘5’ of ‘iii’ is underway here.
The action does not fit very well with a fifth wave advance in wave ‘iii’ at the moment.

With that in mind,
It is possible that wave ‘4’ is now tracing out a flat correction as shown.
that will mean another drop tomorrow to break 133.92.
And then a rally into wave ‘5’ should get underway.

Tomorrow;
Watch for wave ‘4’ black to complete at 133.90 again.
Wave ‘5’ of ‘iii’ should turn higher and complete five waves up near the 136.00 handle by the end of the week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow had a solid down day today which has put this market in range of breaking that first big support level at wave ‘b’ pink.
If the market does break 32930 again,
then I will be much more confident that wave (ii) is complete and wave ‘i’ of (iii) is underway here.

The internal pattern for wave ‘3’ is not in five waves yet,
so I expect we will see a small recovery early tomorrow followed by another step lower to compelte five wves down in wave ‘3’ of ‘i’.
If this pattern for wave ‘i’ is correct,
then anotehr decline is required to complete wave ‘4’ and ‘5’ later in the week.

For the moment this pattern is developing favorably today.
But we need another few steps to go our way before confirming the larger bearish pattern for wave (iii) blue.

Tomorrow;
Watch for wave ‘3’ and ‘4’ to create a consolidation in the price near 33200 tomorrow,
and then wave ‘5’ of ‘i’ should turn lower again by Thursday.

One step at a time here,
but at least this evening I can say that this bearish pattern just got a nice probability boost today!

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The gold price is holding above the previous wave (a) low at 1818 today,
and so far the rally seems to favor a three wave pattern higher in wave ‘a’ of (b).
Overall I am now looking for a flat correction higher in wave (b) for the next few sessions at least.
And I am sticking with the 1890 target for wave (b) also.
Three waves up in wave ‘a’ should top out near the 1864 level before the end of this week.
And if the short term count is correct,
then we should see a sideways trade overall until wave ‘b’ completes next week.

Tomorrow;
Watch for wave ‘b’ to complete above 1818.
Wave ‘c’ of ‘a’ is expected to turn higher again before the end of this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is getting a little to close to that wave (ii) low at 75.32 this evening.
If that level breaks,
I will be forced to rethink my basic assumptions for the larger pattern in wave ‘2’.
The pattern in wave [c] of ‘2’ requires a large rally this week to break above 82.60.
This rally is labelled wave (iii) of [c],
and it should lead to a new a new high for this year.

So at the moment the pattern is not ideal but that wave (iii) rally cannot be ruled out just yet.

Tomorrow;
watch for wave (ii) to hold at 75.32.
A break of the wave (i) high at 80.71 again will be a solid vote in favor of the wave [c] rally.
Wave ‘iii’ of (iii) must turn higher early tomorrow.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P 500 has traced out a five wave pattern lower off the wave ‘2’ lower high now.
The action today has done enough to signal wave ‘3’ of ‘i’ is now underway.
Ideally wave ‘i’ will fall into 3887 again to ginve this bearish pattern a big boost.
So this decline in wave ‘i’ has a lot to do in order to achieve that goal.

Todays decline is very welcome in terms of turning the tide in this market,
but even so,
I need to see more downside in order to confirm the pattern in wave [ii] is complete,
and wave (i) of [iii] is underway.

Tomorrow;
I would like to see a little more downside in wave ‘3’ of ‘i’ but that is not a requirement.
Any correction higher in wave ‘4’ of ‘i’ should hold below the 4049 level at wave ‘iv’.

If this short term pattern in wave ‘i’ pink is correct,
then we should see more downside for the rest of the week and a possible break of 3887.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

It has been quite a choppy trade in the S&P today and because of that I cannot be sure on the short term pattern.
The wave (b) low at 21.63 is still valid this evening,
but the action today is not impulsive enough in nature to confirm the idea that wave (c) of [b] is now underway.
If that wave (B) low holds again tomorrow,
then I will be more confident on this pattern for wave (c).

Tomorrow;
Watch for wave (b) to hold and wave (c) of [b] to continue higher in five waves.
The wave [b] target lies near 22.60 at the previous wave [b] high.