Good evening to one and all.

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

MMMMMMM.,,,,,,,China not looking so great there is it!

The US credit crunch has probably begun.

A LOT going down in the Pacific right now, just in case you thought things were getting better!

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A small recovery off the lows today and I expect this is wave ‘2’ of ‘i’ of (c) now underway.
At the moment the pattern in wave ‘ii’ looks incomplete,
so I am allowing for a standard three wave correction in wave ‘2’ to
which should complete below the wave (b) high tomorrow.

Tomorrow;
Watch for wave (b) to continue to hold at 1.1075.
Wave ‘2’ of ‘i’ should complete three waves up by tomorrow evening.
That suggests a larger decline in wave ‘3’ towards the end of this week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am suggesting a similar count for cable tonight also.
The recovery today does not look like a three wave correction higher yet.
So I am expecting a larger three wave pattern to develop in wave ‘ii’ tomorrow.
Wave ‘ii’ should be done by tomorrow evening if this count is correct,
then wave ‘iii’ down will turn lower again and break 1.2342 again.

Tomorrow;
Watch for wave ‘ii’ to complete a lower high below 1.2546,
then wave ‘iii’ of (i) is set for a decline on Thursday.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave ‘i’ and ‘ii’ are building in USDJPY also,
except we are facing the opposite way here!

The price should form a bullish higher low above 132.00,
I am suggesting a low for wave ‘ii’ near 133.50,
and then wave ‘iii’ of (iii) will take this pair substantially higher later in the week.

Tomorrow;
Wave ‘ii’ is not done yet,
a three wave correction should continue tomorrow towards 133.50.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

My derivative chart shows a slight new high today,
but the actual cash Dow did not break above Fridays top.
That action only extends the momentum divergence here,
but it does not give us anything to go on in terms of the short term count yet.

the market has stalled underneath the upper channel line again this evening.
And the main Fib relationships remain valid in this wave (ii) pattern.

All I can see here is a top forming in a pretty perfect Elliott pattern.
but I am at the mercy of the short term whims of the market here.
if there is some latent bullishness still left in somebody,
then there is a danger that a small rally will break above the invalidation line and take out the wave [ii] high again.

Tomorrow;
Watch for wave (ii) to hold below 34342 at the wave [ii] high.
This is the cash high of wave [ii].
I have waited long enough for a third wave decline.
So hopefully we will see that before the end of the week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Five waves down in wave ‘a’ is still the main option here after todays action.
I am calling this a second wave corrective rise.
We do have three waves up in place now at todays high so the chances are good that wave ‘2’ is complete now.
An acceleration lower into wave ‘3’ is expected over the coming few days.
And I want to see a break of 1933 at a minimum to complete wave ‘a’.

Tomorrow;
WAtch for wave ‘3’ of ‘a’ to turn lower again this week.
Wave ‘1’ and ‘4’ form a double bottom at 1981.
A break of that support will be a convincing sign for me that the top is in and wave (ii) is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude had a bounce off the wave (iv) low today and that signals wave (v) is now underway.
If this count is correct,
then wave (v) should head higher for the rest of the week and top out above 85.00 again.
The low at wave (iv) must hold for this count to remain valid.

I have shown that possible alternate count also for wave (i) and (ii).
A break below 89.00 again will favor that alternate count.

Tomorrow;
Watch for wave (iv) to hold at todays lows.
the minimum target for wave (v) lies at 83.40.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Tdays new high in the S&P is really cutting things fine for this count.
We are in danger of breaking that invalidation line again at the wave [ii] high at 4195.
The reluctance to break that level may be a vote in favor of the wave count here,
but,
I just don’t like how close we are here!

The action in wave ‘5’ actually fits an ending diagonal pattern better now after todays small new high.
That does not offer much consolation I know,
but as far as the pattern is concerned,
we are done here!

I await further instruction from Mr market tomorrow.

Tomorrow;
watch for wave ‘i’ of (iii) to take over and break below 4040 to confirm the short term pattern.
4195 must hold.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I wanted to see a break of the wave (iv) low at 24.54 to complete wave (a),
but that was not to be.
The price managed to move higher today in a corrective formation,
so I am suggesting that wave (b) is underway here and possibly complete.
We will see tomorrow!

This weeks action should confirm a top for wave ‘1’ by breaking support at 24.54.
Wave (c) of [a] should do that and complete three waves down later this week.

Tomorrow;
Watch for wave (b) to hold below the highs at wave ‘1’.
Wave (c) should begin before the end of the day.