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

No nightly updates next week, 17th – 21st of July.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am looking at the idea of a five wave pattern for wave (c) of [b] this evening.
The price has now broken the upper trend channel line this evening,
also the rally in wave (c) has reached equality with wave (a) at 1.1210 today.
Both those facts are hinting at a top coming our way soon.

The internal pattern of wave ‘v’ of (c) will allow for another step higher as shown.
but I am happy with the overall three wave nature of wave [b] here,
and I will be looking for a top from here on out.

Tomorrow;
Watch for wave ‘4’ and ‘5’ of ‘v’ to create one more step higher.
That will complete this pattern.
We will see if a reaction to a final top in wave ‘v’ will happen early next week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has blown out of the water this week and right now all I can think is ‘too far, too fast’.
The rally in wave (v) of [v] has created a throw over above the upper channel line on the 4hr chart.
and you can see that wave [v] has reached above the 162% extension level of wave [i] now.
More hints that a top is close in this larger pattern.

Tomorrow;
The rally in wave (v) has traced out a larger five wave pattern into todays highs.
A sharp reaction to the downside will signal that this rally is over extended here.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The price has held above that invalidation level all day at 137.76.
And I kept thinking,
why stop now??

Maybe that level will break tomorrow and this count will be out the window,
but for the moment,
there is a slight hope that a low can form in wave [iv],
with a rally coming in wave [v].

Tomorrow;
I want to allow the market to invalidate this count first before switching to an exact opposite wave count!
I don’t like the alternate count that I have shown on the daily chart.
It seems to me that the USD is most likely due a rally according to the other two pairs.

So,
I will wait and see how the trade plays out overnight and tomorrow.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The high at wave ‘3’ of ‘v’ has tagged the previous wave ‘iii’ top and dropped back again.
I am suggesting that this drop is wave ‘4’ of ‘v’.
With wave ‘5’ of ‘v’ expected to push higher again into the trend line to complete the wedge pattern.

I will be more than happy to see this market turn down again,
but for the moment,
we have another stay of execution here.

Tomorrow;
Watch for wave ‘v’ pink to complete five waves up as shown.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The rally in gold has taken a pause today which is strange give that the USD is dead again!
I am looking for a top in wave ‘iii’ tomorrow.
Todays holding pattern is viewed as a correction in wave ‘iii’ of (c).
So I suspect we will see another push higher in wave ‘v’ towards 1984 to complete this wave [b] rally at the 62% retracement level next week.

Tomorrow;
Watch for wave ‘iii’ of (c) to top out near 1970 and then fall again into wave ‘iv’.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

After todays spike higher in crude,
the price has now broken above the 62% retracement level of wave [i].
The price has actually closed on that 77.08 Fib level as I write this evening.
As far as I can see,
todays top is wave ‘3’ of ‘c’.
And I am looking for a drop into wave ‘4’ coming tomorrow and Monday.
And then later next week wave ‘5’ of ‘c’ should close out the correction in wave [ii] green.

tomorrow;
Watch for wave ‘3’ to roll over into a corrective decline in wave ‘4’ for at least a couple of days.
wave ‘4’ should fall back below 74.00 again in three waves.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has tagged the upper trend line of the channel tonight.
A three wave rally is now complete.
and if the new wave count for wave (iv) is correct,
then we should see a decline in wave ‘c’ to break 4320 again and complete the expanded flat correction in wave (iv) later next week.

The rally into todays high is so well defined as a three wave pattern now,
that I think the alternate count for wave (v) is very unlikely.

Tomorrow;
Watch for wave ‘b’ to top and reverse into wave ‘c’ of (iv).
a break of 4460 again will confirm wave ‘c’ is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver extended the rally in wave ‘c’ of (c) today and I think we can call todays top wave ‘3’ of ‘c’ of (c).
The rally in wave ‘c’ is very aggressive,
and the acceleration in wave ‘3’ of ‘c’ has achieved all of that gain.
Wave ‘4’ should slow down the process for a couple of days starting tomorrow,
and I would like to see a drop back into the 24.00 area to complete wave ‘4’.

Tomorrow;
A break of 23.30 again will be the first signal that wave (c) of [b] is complete.
Watch for wave ‘4’ to fall back below 24.51 at the previous wave (a) high.