Good evening to one and all, the Lord’s Blessings to you tonight.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Its a very slow reaction off a second wave top so far.
The price is lower today but this decline is just not enough to confirm wave ‘iii’ down yet.
I am expecting a pretty large drop into wave ‘iii’,
and maybe an extended pattern in wave ‘iii’ also.
I am looking for a drop below 1.0779 again to signal wave ‘iii’ is underway.
That is the key level in this short term count.

Tomorrow;
Watch for confirmation of wave ‘iii’ with a drop below 1.0779.
1.0975 should hold now.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable took a solid step lower today into wave ‘3’ of ‘iii’.
This move has the potential for a third wave decline,
but we do not have a break of 1.2545 yet.
That level marks the wave (a) top,
and once that level breaks, the wave count for wave [c] down will get a solid boost.
A break of that wave (a) high will pretty much confirm wave (i) of [c].
Wave (i) should fall back into the 1.2400 handle to complete.
We are not there yet.

Tomorrow;
Watch for wave ‘iii’ of (i) to continue lower and break 1.2545.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Last nights wave count for wave ‘iv’ pink has been ruled out by the price action today.
We are back to the previous count for wave ‘v’ now.

The rally into wave ‘v’ of (v) has been a little strange so far to be honest.
Momentum to the upside has dropped off significantly also.
So it is possible that wave ‘v’ of (v) is actually topping out early here.

If we do see a drop back below wave ‘iv’ again at 142.93,
that will suggest wave (v) of [iii] is done,
and I will begin tracking wave [iv] down again.

Tomorrow;
Lest see if this top in wave ‘v’ actually holds and if the price will reverse into wave (a) of [iv] over the next few days.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is making an attempt to turn lower off a possible wave ‘2’ high.
But it seems that the market is in a waiting mode so far this week.
Most likely we will see some volatility around the gdp and unemployment numbers tomorrow.
Its a real coin toss how the action effects the wave counts on the hourly chart.
I will just have to wait and see.

If this count is correct here,
then the wave ‘1’ low should break pretty soon.
The next lower support level lies at 33400,
and if we get a break of that level again,
that increases the the probability of this bearish wave count.
So tomorrows action will decide on this hourly count I think.

Tomorrow;
Watch for a nice sharp spike lower into wave ‘3’ of ‘i’.
A break of that next support level at 33400 is the next step in confirming this count.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold fell early in the session to break the previous wave ‘i’ low again at 1910.
This fact has moved the wave count to an expanded flat correction in wave ‘ii’ now.
The initial target for wave ‘ii’ remains the same though.
A break of 1937 again is the aim for wave ‘c’ of ‘ii’.
and once that happens,
I can then look lower again into wave ‘iii’ of (c).

Tomorrow;
watch for wave ‘b’ of ‘ii’ to hold.
Wave ‘c’ should continue higher to break wave ‘a’ at 1937 to complete this pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude rallied off the wave ‘b’ low today to confirm wave ‘c’ is underway.
The market is closing tonight just below the target high for wave ‘c’ of ‘ii’ at 70.14.
If the pattern in wave ‘ii’ is a normal flat correction here,
then we should see wave ‘ii’ top out with a break of 70.14 again.
And then a turn down into wave ‘iii’ of (iii) can begin from there.

Tomorrow;
Watch for wave ‘ii’ to complete by tomorrow evening and then wave ‘iii’ should begin to turn lower again on Friday.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is flat today after a small spike higher late in the session.
The rally of Tuesdays low has completed an expanded flat pattern in wave ‘2’.
If this pattern is correct,
the wave ‘3’ down must begin from here and fall into support at 4256.

I know I have been rattling on about this reversal pattern for weeks now,
and it still has not managed to appear.
If wave ‘2’ is now complete,
then wave ‘3’ of ‘i’ must begin before the end of this week.

Tomorrow;
The action tomorrow will tell everything about the validity of this pattern.
A sharp spike lower will confirm wave ‘3’ of ‘i’ is underway.
But the market could easily do the opposite in a knee jerk reaction to the news cycle tomorrow.
I would like to see a confirmation move lower.
We will soon find out.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is beginning to step lower off the recent wave (iv) high.
The decline so far is not exactly impulsive yet.
But I think we should give this pattern a little more time to develop into wave ‘i’ of (v).
it is possible that we have an expanding wedge pattern underway in wave ‘i’.
And I want to see wave ‘i’ retrace most of the rally in wave ‘c’ of (iv).
A break of 22.09 again will signal wave (v) is underway.

Tomorrow;
As long as the price continues to drop off this wave (iv) top.
then wave (v) has a real chance to take the price back down below 21.00 again at a minimum.
If wave (v) of [c] closes the trend channel again,
then we could see the final low for wave [c] at 20.50.