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

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price has moved lower off that wave ‘2’ high formed last night.
I am not convinced yet that wave ‘3’ of ‘iii’ of (iii) is underway here but I won’t rule it out either.
You can see that wave ‘2’ has the potential to track sideways for another day to create a larger pattern as shown.
We should know early tomorrow if wave ‘3’ of ‘iii’ is in force here or the alternate wave ‘2’ pattern.

Tomorrow;
Watch for an acceleration lower into wave ‘iii’ pink as shown.
If the price holds above 1.08 again tomorrow that will signal wave ‘2’ is taking the alternate option.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

GBPUSD has turned lower also today and the price has dropped below that support low at 1.2614.
That level has basically held the price for almost three weeks now.
And wave (v) should finally punch lower to create a new low for the wave [i] decline.

Tomorrow;
WAtch for wave ‘iii’ of (v) to continue lower towards 1.2500 by tomorrow evening.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY did complete a three wave correction in wave ‘4’ yesterday as suggested.
The price turned higher off the lower trend line to begin wave ‘5’ up now.
And wave ‘5’ of ‘iii’ should break above 146.58 at a minimum.
This count will remain valid as long as the wave ‘4’ low holds at 144.56.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to turn higher and trace out five waves up near 149.00 over the coming few sessions.
A break above 146.58 will confirm the wave count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another pretty wile whipsaw day in the market today.
The price action managed to break both of the previous wave counts that I was working with for wave ‘iv’ pink today.
Todays high did break out above the recent sideways range,
but that has only rearranged the internal wave count for wave ‘iii’ pink.
Wave ‘iv’ topped out at todays highs,
and this evening the market has fallen to a new low for the trend again.
this new low is labelled as wave ‘1’ of ‘v’.
I am looking for another five wave pattern to complete wave ‘v’ of (i) below the 34000 level over the next few sessions.

A break of 33600 would be even more favorable for this bearish wave count as that will break the previous fourth wave low created in early July.

Once wave (i) completes a full five wave pattern lower off the top,
then I will look for a reversal into wave (ii) next week.

Tomorrow;
Watch for wave ‘v’ of (i) to trace out five waves down and break 34000 to complete the larger pattern.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The rally in Gold has really flattened off over the last few days.
I am still suggesting that wave ‘c’ will make a new high near the 1935 level to compelte a 50% retracement of wave (i).
So I will give the pattern another chance tomorrow to achieve that goal.
Once we complete three waves up and a 50% retracement,
then I will look lower into wave (iii) down again.
That will have to wait for next week.

Tomorrow;
The top of wave ‘c’ has already hit the 38.2% retracement level.
Watch for wave ‘c’ of (ii) to continue higher and complete an internal five wave pattern near that 50% level at 1935.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

It seems like there was not much excitement about the brics summit and the inclusion of the 3 biggest oil producing nations in that economic cabal today.
The oil price was basically flat today after the news!
Seems like the world just does not care,
producers still need to sell oil!
The world economy is only just beginning a major contraction phase now,
so hold on brics,
things are gonna get wild soon!

The patter has not changed this evening.
I am going to allow a few more days to see if wave (v) can develop as suggested by the pattern.
The main level I am watching is that wave ‘4’ high at 81.67.
a break of that level will favor the bullish option for wave (v).
If the price fails below that level,
then we can look closer at the alternate possibility.

Tomorrow;
Watch for wave (iv) to hold and wave ‘i’ of (v) to continue higher.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The rally in wave ‘c’ of (ii) pipped above the 50% retracement level and topped out at 4473 today.
That completed three waves up off the lows.
and now we have a nice sharp reversal off that wave (ii) high.
I am suggesting that wave ‘i’ of (iii) is now underway here.
But that count will not be confirmed until we see a break of the wave (i) low at 4335 again.
Wave ‘i’ and ‘ii’ should form a lower high over the next few sessions and that will be a major hint that we are beginning to move lower for longer in wave (iii).

Tomorrow;
Watch for wave ‘i’ of (iii) to trace out five waves down to break below support at 4335.
The wave (ii) high must hold now at 4473.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The rally in wave ‘c’ has stopped today but there is no sign of a reversal off the highs yet.
My base case scenario here still favors the larger decline phase into wave [c] of ‘2’.
And that count will be confirmed with a new impulse wave lower to begin wave (iii) soon.
A break of 23.00 again will signal wave (iii) is underway.

The alternate count here suggests that wave [c] of ‘2’ is now complete at the recent lows.
If that count is true,
then we will see a decline in a corrective manner off these highs.

I am expecting an impulse decline in wave ‘i’ of (iii),
but the alternate count will only give us a three wave correction to a higher low.
We will know soon enough which count is correct.

Tomorrow;
Watch for wave ‘i’ of (iii) to take over and fall back below 23.00 again in the next few days.