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

Labor Market Implodes: Job Openings Crater, Prior Data “Unexpectedly” Revised Sharply Lower.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD created a spike higher today and that has shifted the pattern a little for wave ‘2’.
I can still see a three wave pattern higher into todays highs,
that completes a lower high again in wave ‘2’.
WAve ‘3’ of ‘iii’ is expected,
so I will give another day to allow that next leg down to begin.

If we do not get the acceleration lower as expected,
then I will rethink the short term pattern for wave (iii) blue.

Tomorrow;
Watch for wave ‘2’ to hold that lower high below 1.0931.
Wave ‘3’ will be confirmed with a break below 1.0764.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

There is another corrective pattern visible today after a pretty sideways choppy trade.
I am moving the top of wave ‘iv’ to todays high,
That actually suits the ending diagonal pattern in wave (v) a little better.
It gives us a clearer three wave drop in wave ‘iii’,
a correction in wave ‘iv’,
and we can expect another three wave decline in wave ‘v’ to complete the ending diagonal pattern.

Tomorrow;
Watch for wave ‘iv’ to complete in this channel.
Wave ‘v’ should now fall back below 1.2548 to complete the pattern.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY did turn lower today after spiking to a top at 147.38.
I am calling this wave ‘iii’ complete and now the price has turned lower into wave ‘iv’ of (iii).
Wave ‘iv’ must hold above 143.91 at wave ‘i’.
A break of that wave ‘i’ level will invalidate this wave count.
But,
I have shown a possible alternate count for this pattern tonight also.
We can label todays high as wave (iii) of [v] also.
If that count is correct,
then wave (iv) will also fall in three waves and complete above 141.98 at the wave (i) high.

Tomorrow;
Watch for a three wave correction off the top of wave ‘iii’.
Wave ‘iv’ must complete above 143.91.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market has clarified things a bit better today with another rally back above the previous wave ‘iv’ high.
With todays action I can actually move forward the wave count in wave (ii) a bit more.
Wave ‘b’ of (ii) completed at last nights higher low.
The rally today is viewed as wave ‘c’ of (ii).
And I have labelled a possible five wave pattern underway in wave ‘c’.

The market actually made it pretty close to the 50% retracement level of wave (i) today.
Wave ‘c’ and wave (ii) should complete near that level.
A five wave pattern in wave ‘c’ will probably break above the 50% fib level before turning lower into wave ‘i’ again.

Tomorrow;
Watch for wave ‘c’ to complete five waves up with a break of 34850.
If this count is correct,
then we will see a sharp reversal by Friday into wave ‘i’ of (iii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is actually tracking the stock market pretty well over the last week.
Both markets are pushing higher in a possible wave (ii) correction.
And I am expecting both markets to fall again into wave (iii) over the next week.

The pattern in Gold is updated today to show a larger wave ‘a’ off the low.
The correction last week is now labelled wave ‘b’ of (ii).
The rally into todays high is labelled wave ‘c’.
And we should see a five wave pattern develop in this wave.
The spike rally today is labelled wave ‘3’ of ‘c’ of (ii) and the price has now hit the 50% retracement level at 1935 that I was previously looking at.
This wave (ii) rally should cool off now with the possibility for one more high before I will look for a reversal into wave ‘i’ of (iii) again.

Tomorrow;
Watch for wave ‘4’ and ‘5’ of ‘c’ to complete as shown.
A break back below the wave ‘a’ high at 1923 again will be the first signal that wave (ii) is complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is moving higher today again and we seem to have completed that initial ‘i’ ‘ii’ pattern to begin wave (iii) blue.
Wave ‘iii’ of (iii) is now expected to work its way higher over the rest of this week.
With the initial target for wave ‘iii’ pink in the area of 83.50.
A break above 81.67 will signal that wave ‘iii’ of (iii) is underway.

Tomorrow;
Watch for wave ‘ii’ to hold at 79.25.
Wave ‘iii’ should trace out five waves up and complete above 83.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

My optimism on last nights wave count was short lived today!
It seems that a bad job openings number is somehow good news??
And so the market rips higher.

this is another knee jerk reactionary move.
I don’t think this has a hope of holding up over the coming few sessions.
A knee jerk move like this is almost always reversed.
And the reality is that there is nothing underpinning the world economies now,
Europe is about to enter another round of deflationary collapse,
the U.S is not far behind.
And China is already there.

The short term pattern has triggered the alternate count tonight.
And wave ‘c’ of (ii) has hit the 62% retracement level of wave (i) now.
The price has also broken above the upper trend line of the channel today.
This is a pretty good picture of a completed corrective pattern.
We will know pretty soon tomorrow if the top is in here for wave (ii).

Tomorrow;
Watch for wave (ii) to top out and fall back into the channel again to begin wave ‘i’ of (iii).
A break of 4400 again will be a strong signal that wave ‘i’ of (iii) has begun.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I want to concentrate on the alternate count on the 4hr chart first.
This pattern suggests that wave ‘2’ completed at the recent lows of 22.20.
And now off that low we have a rally in wave [i] of ‘3’.
Wave [ii] should now fall in three waves to a higher low above 22.20.
The internal pattern of the coming decline will decide between the main count and this alternate count on the 4hr chart.

Tomorrow;
The main count is getting a bit too close for comfort here again.
I want a quick reversal off this top to signal wave ‘i’ of (iii) is underway.
It will take a decline back below 23.00 again to confirm this wave count.