Good evening to one and all.

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

Meta Cuts Another 10,000 Jobs As Tech Layoffs Accelerate

David Rosenberg;

Futures attach 55% chance of 25 bps at FOMC meeting; 45% odds of no move – a week ago, try 80% for a 50 bp hike. For the first time this cycle, the market doesn’t give a damn if the Fed pauses! One added sign that Powell’s finally drained the last ounce of punch out of the bowl.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The sideways action in EURUSD continues today and that really does indicate that this rally is close to complete.
I am watching today for the final pop towards the 50% retracement level of wave (a) at 1.0777.
The action this week suggests a triangle in wave ‘4’ of ‘c’ is now done,
and that should lead to a spike higher in wave ‘5’ of ‘c’.
That fifth wave spike will complete an overall 3,3,5 internal pattern in wave (b).
And then I will look for the price action to turn lower again into wave ‘i’ of (c) as shown.

Tomorrow;
Watch for wave ‘c’ to top out near that 50% retracement level at 1.0777.
Wave ‘i’ of (c) should fall back below 1.0600 again to signal wave (c) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I know that the bullish pattern I am looking at in cable is a complete 180′ opposite of the EURUSD pattern now.
It is odd to be bullish on cable and bearish on EURUSD at the very same time.

I am following two separate large degree upside corrections in these pairs,
and they seem to be running out of phase a little.
So,
I suspect EURUSED will complete its lower degree correction later than cable,
and then it should join the rally phase against the USD again.

As for todays actoi in cable,
the price is consolidating in a possible wave (iv) correction today,
and this should be followed by a rally into wave (v) to complete wave [i] green later this week.

Tomorrow;
Watch for wave (v) of [i] to rally up into the 1.2300 area.
Wave [ii] will then be set for a decline again back into the 1.20 level as shown.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

This hourly count is not much clearer this evening although the price is holding above the wave [iv] low so far which is good.
I am suggesting that a five wave pattern may be developing off that wave [iv] low at 130.28.
If that is the case,
then we need further upside to confirm that idea.
So at the moment the jury is out on the bullish idea for wave [v] of ‘1’.
I need to see another rally back above 137.90 for this count to be validated.

Tomorrow;
Watch for wave [iv] to hold at 132.28 again.
WAve (i) of [v] must complete five waves up at the 135.50 area.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The pattern in the DOW seems stuck in a corrective formation again today.
The market is basically flat today.
And with this in mind I am suggesting a possible three wave correction higher still underway in wave ‘2’ of ‘iii’.
This count will allow for another rise into the 32500 area to complete this correction.
That level marks the 50% retracement of wave ‘1’ down,
A recovery off the lows towards that level will lead to complacency again at that wave ‘2’ top,
and I will then look for a rapid decline again into wave ‘3’ of ‘iii’ as shown.

Tomorrow;
Watch for another day of corrective upside action to complete wave ‘2’ of ‘iii’.
three waves up will complete another bearish impulse structure
and lead to an acceleration lower into wave ‘3’ of ‘iii’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Many many people think I am just pig headed when it comes to gold and each rally that comes about.
I keep calling for a correction lower to complete,
and then a rally comes to upset my count.

Those people dont realise that I am about as bullish as you can get in the long term.
As even I can be caught suggesting gold at 5000 in the longer term.

We are close to completing a corrective process in wave [ii] green.
But the internal pattern of wave [ii] does not seem complete just yet.
I think we need wave (c) to drop and complete three waves down as shown before I start jumping in with both legs.

Now,
I have suggested before that if you are a physical buyer,
then you can be a little freeer in the process of buying.
it is easier to buy around a bottoming process and achieve a average purchase price over the longer term.
It is a different matter for a trader completely.

So back to the patterns.
The rally in gold is coming off the boil now,
with the possibility that wave ‘c’ of (b) will pop towards 1926 again to compelte five waves up.

I do believe that we are very close that wave (b) top,
and wave (c) down will shock a few people when it comes.

That alternate count will be ruled out if we see a break of 1858 again.

Tomorrow;
Watch for wave (c) to top out and then reverse into wave ‘i’ of (c) as shown.
The key level for wave (C) is at 1858.
A break of that level will confirm this count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Take a look at the 4hr chart to start with.
That wave [ii] high is a critical top for this pattern now.
WAve [ii] at 80.97 must not be broken as this pattern progresses in wave [iii] of ‘3’.
IF that level is broken again,
that will trigger the alternate count for wave ‘2’ blue as an expanded flat correction.

For this week at least,
wave [iii] is progressing lower with quite impulsive declines over the last few sessions.
Todays decline is labelled as wave ‘iii’ of (iii) of [iii] of ‘3’!
This wave must complete 5 waves down within its pattern.
And I suspect the low of wave ‘iii’ pink will lead to a break of the 70 handle again.
Wave (iii) blue can easily drop into the 65.00 area to complete its pattern,
os if I am correct here,
then crude has a long road down ahead of it.
each day as it comes.

Tomorrow;
Watch for wave ‘iii’ of (iii) to complete five wave pattern lower as shown.
I would like to see the price hold below that 72.50 level at wave [i] green.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

It looks like the S&P has compelted three waves up at todays highs at 3938,
the highs today reached the previous shoulder formed on Friday,
and then the market turned lower off that level again this evening.

That idea for wave ‘2’ has to be confirmed with a new drop back below the wave ‘1’ low at 3809 again.
If that happens tomorrow,
then wave ‘3’ of ‘iii’ will be underway,
and we can expect the larger pattern in wave ‘iii’ to make its way towards that target area below 3700 by the time wave it completes.

Tomorrow;
Wave ‘2’ should complete a three wave correction either at todays highs,
or close to the 62% retracement level at 3975.

I want to see a break of the wave ‘1’ low at 3809 again to confirm wave ‘3’ of ‘iii’ before the end of this week for sure.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has topped out this evening after completing five waves up at 21.97.
The price has dropped off that level this evening indicating that wave (a) of [ii] is now underway.
I want to see a deep retracement into wave [ii] to over-ride the knee-jerk rally into wave [i].
A break below 20.69 again at the 62% retracement level will achieve that I think.

Tomorrow;
Lets see if wave [i] is done at todays highs.
watch for 21.97 to hold.
Wave (a0 of [ii] should trace out three waves down and complete near 20.30 again.