Good evening to one and all.

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

Some headlines that caught my eye today.

Jobless Claims Hover Near 17-Month Highs, Flash Recession Signal

‘Big CRE Short’ Gains Momentum As Vornado Delays Dividend, Shares Plunge

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD fell back into the wedge channel today but so far the actoin todays has traced out three wave down.
I cant read much into this action yet,
I have marked the previous wave ‘4’ low at 1.0909,
this level is a triple pivot point marking the wave ‘a’ high, the wave ‘1’ high and the wave ‘4’ low.
So I can see a break of that level again being a possible signal of a reversal into wave ‘i’ pink.
This has been a frustrating wait like many other markets.
But I am certain that wave (c) is coming our way pretty soon.

Tomorrow;
Watch for wave ‘1’ of ‘i’ to complete a five wave decline and break 1.0900 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The action in cable today is undecisive with a whole lot of whipsawing action over the last few hours.
The price remains bounded in the rising trend channel of wave ‘ii’.
And with that,
the possibility of a turn lower is still in the picture here.
Wave ‘1’ of ‘iii’ requires a break of support at 1.2352 to favor the main count again.

Tomorrow;
Watch for wave ‘1’ of ‘iii’ to turn lower and confirm the pattern with a break of support.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is relaying the same USD bullish signal
but the action has not confirmed the count just yet.
We have a three wave pattern lower in wave ‘ii’ in place.
and the price has bounced off that low again today and is holding a higher low.
I want to see a break of the wave ‘i’ high at 135.12 to signal wave ‘iii’ of (iii) is underway.
And if wave ‘iii’ reaches 162% of wave ‘i’ that gives us a preliminary target at 138.00 to compelte wave ‘iii’ of (iii).
In fact,
If we take the length of wave (i) and project that Fibonacci grid off the wave (ii) low,
that gives us a wave (iii) target at 137.55.
And if we take the length of wave [i] and project that off the wave [ii] low,
that gives a target for wave [iii] green at 137.22.

So that is a cluster of three Fib projections meeting in a close proximity here.
I hard to ignore that even if it doesn’t come true!

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

the rally today is exactly what I didn’t want to see happen.
Biut here we are none the less.
I may be stretching the interpretation of the decline off the recent high by calling wave ‘1’ complete at the lows.
It is not impossible for sure,
And the lows of wave ‘1’ have hit the previous wave ‘4’ low.
So the the proportions are correct for wave ‘1’.

But the internal patten of wave ‘1’ is not ideal,
and that is the sticking point tonight.

If wave ‘1’ is complete at the lows this week,
then this rally must be a correction higher in wave ‘2’.
The price is approaching the 62% retracement of wave ‘1’ now.
So this is an ideal area for the rally to complete.

I want to see a complete reversal tomorrow in wave ‘3’ of ‘i’.
And if that happens,
then we are on course again for a larger decline into wave ‘i’ pink.

Tomorrow;
Watch for wave ‘2’ to complete a lower high followed by a quick reversal into wave ‘3’ of ‘i’ tomorrow.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Again we have a three wave decline off the corrective lower high this evening.
This could easily be a stepped decline to begin wave ‘3’ of ‘a’,
but I am going to have to wait for a break of 1968 again before calling wave ‘3’.

So I’m afraid it is a waiting game here also to see if we get confirmation of that wave ‘3’ decline or not.

Tomorrow;
It would be encouraging to get a break of support to finish the week and begin wave ‘3’ of ‘a’ down.
So watch for that 2012 high to hold again,
and wave ‘3’ down to continue to trace out a five wave internal pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Thanks be to God for the crude oil market!
This is about the only market that is sticking to the main pattern quite well tonight.

The price has broken through the lower bound of the acceleration gap now.
So that gap has now been fully closed.
And so far the price is holding below the gap in a very corrective looking pattern today.
I am still watching for this wave ‘iii’ of (iii) scenario to play out with one more step lower tomorrow.
A break below 73.00 again would do it.
But we will see how this plays out tomorrow;

Tomorrow;’
Watch for wave ‘iii’ to complete five wave down with a break of 73.00 again.
A small correction sideways in wave ‘iv’ is then on the cards as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

We got that annoying rally in the S&P also today.
I don’t know what piece of informatoin the market grabbed ontp to justify the big buy in here.
But I must admit it looks very impulsive.

I will continue to view this in the context of a possible topping pattern.
The price is still holding a lower high.
and we have an almost complete head and shoulders pattern in place.
But if we don’t see a turn lower again tomorrow,
then I will be forced to rethink the pattern again.

Tomorrow;
Watch for wave (ii) to hold again at the 4173 high.
There is still a chance that wave ‘i’ down can reassert itself before the close of the week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am now viewing wave (b) as a triangle pattern compelte at todays high.
Wave ‘i’ of (c) turned sharply lower this morning and now we have a possible wave ‘ii’ of (c) in place at this evenings high.
this pattern calls for a decline into wave ‘iii’ of (c) beginning tomorrow and that should fall back towards 23.80 early next week to confirm the pattern.

Tomorrow;
Watch for wave (c) down to develop in a five wave pattern lower over the coming few days.
Wave ‘ii’ should complete below 25.13.
And then wave ‘iii’ is expected to begin tomorrow by breaking 24.48 again.