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

Do you think the ECB is worried yet?

If you look at the charts below then you might notice a stark similarity between now and the previous big crash!

Money supply is collapsing across the continent.

If I were them,

I would be biting my nails right now!

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD continues to work its way lower today but without the acceleration that I would like to see into a third wave.
That does raise a suspicion in my mind against the wave count,
but I can allow more time for this third wave to prove itself before discarding the main wave count.
The action todays was corrective to the upside again,
and in this acse,
then main trand in the short term continues to be lower into wave ‘iii’ of (iii).

Tomorrow;
Watch for wave ‘iii’ to break back below 1.0764 to confirm the count.
This wave count will remain valid until the wave ‘ii’ high breaks at 1.0931.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Its a similar situation i cable today,
the short term action is corrective to the upside and as long as this remains the case,
then the main wave count will stay.
I am expecting at least one more drop into wave ‘v’ of (v) as shown.
This will complete an ending diagonal pattern in wave (v) blue.
I was looking for this wave [i] decline to break below 1.2300 again but it looks like that is not going to happen now.
I will be happy with a complete ending diagonal in wave (v) and we will work from there.

Tomorrow;
Watch for wave ‘v’ of (v) to break below 1.2548 at a minimum.
This pattern should be complete by tomorrow evening,
and then I will look for a reversal into wave [ii] later in the week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The lack of upside in USDJPY is forcing me to call a top to wave ‘iii’ a bit earlier than I wanted to.
Ther market has done basically nothing again today,
and we have met the minimum requirement for wave ‘5’ of ‘iii’ to complete.
So now it may be time to look for another correction lower into wave ‘iv’ pink over the next few days.
Wave ‘iv’ should hold above the wave ‘i’ high at 143.91.
But I do expect this next correction to get a bit too close for comfort!

Tomorrow;
Watch for wave ‘iii’ to top out and then reverse in three waves to complete wave ‘iv’ by the end of this week at the latest.
I want to see wave ‘iv’ hold above 144.56 if possible.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

It looks like the alternate count for wave ‘v’ of (i) got triggered today after another rally today.
The market did not quite break the wave ‘iv’ high at 34690 to confirm that wave (ii) was underway.
but this rally was big enough to consider wave ‘a’ of (ii) now in play.

I am looking for a retracement of todays rally in wave ‘b’ of (ii) now.
Wave ‘b’ should retrace about 50% of wave ‘a’.
That gives us a ball park target for wave ‘b’ at 34300.
And then wave ‘c’ should turn higher by Wednesday session again.
This week should be enough time to complete wave (ii),
and then next week will begin wave (iii) down.
And that could be the move to really shock people out of the summer slumber we have all been in.

Tomorrow;
Watch for wave (ii) to take the market higher in three waves towards the 50% retracement level of wave (i) at 34850 this week.
Wave ‘b’ of (ii) should create a higher low near 34300 tomorrow as suggested.
If the market turns higher again tomorrow,
that will suggest wave ‘c’ of (ii) is already underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold reached to a slight new high in wave ‘c’ of (ii) today but that high was rejected pretty quickly this evening.
There is a five wave pattern higher now visible in wave ‘c’ of (ii),
and the market has retraced above the 38.2% retracement level.

I know this is not a very deep second wave retracement here,
but I think we have enough to at least start looking for a possible reversal into wave (iii) this week.
If the price fall back below 1900 again I think that will be enough to consider wave ‘i’ of (iii) underway.

Tomorrow;
Watch for the price to fall back in five waves and break 1900 again to signal the turn is in for wave ‘i’ of (iii).
WAve ‘i’ should retrace most of the recent rally,
so I expect a low for wave ‘i’ to come in near 1890 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I have revised the main count on the hourly chart to match the larger wave count on the 4hr chart.
I think it actually works better at this larger degree overall.
But there is no real change in the pattern.

Wave [v] of ‘C’ should continue higher as suggested and the price should break out above 85.00 again to complete the pattern.
The current wave count suggests wave (iii) of [v] is now underway,
and that wave should trace out five waves up to break above 84.33 again.

Tomorrow;
Watch for wave ‘iii’ of (iii) to push above the initial resistance at wave (b) at 81.67 to add weight to this pattern.
The price must hold above the wave (ii) low at 78.11 as wave [v] completes.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am going to stick with the main count in the S&P tonight as the market has not challenged resistance at wave (ii) today.
The market is stuck at a lower high in wave ‘ii’,
and wave ‘ii’ has topped out between the 62% and 78.6% retracement levels.

At the moment I favor the main wave count which suggests wave ‘iii’ of (iii) underway.
This wave count suggests a pretty large decline is coming our way this week.
A break below the wave ‘i’ low at 4355 will confirm this count.

And of course the wave (ii) high must hold at 4473 for this count to remain valid.

Tomorrow;
Watch for wave ‘ii’ to hold below resistance.
Wave ‘iii’ must turn lower tomorrow and then continue to break the wave (i) low at 4335 pretty quickly.
In fact,
if wave ‘iii’ of (iii) is coming,
then I expect an acceleration lower to begin tomorrow.
Lets see if the market will confirm the bearish count tomorrow.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is flat again today and holding below the wave ‘c’ high at 24.37 again.
Wave ‘i’ down has not been confirm yet,
but the rally we saw last week has completely run out of steam now.
If the main count is correct,
then we will see a large turn down again this week in wave (iii) of [c].
A break below the 23.00 level again will signal wave ‘i’ of (iii) is underway.

Tomorrow;
Watch for this wave (ii) high to hold at 24.37.
Nothing less than a solid five wave decline to break 23.00 is needed now to begin wave (iii).
And a break of support at 23.00 again will confirm wave (iii) is underway.