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

The ‘Good News’ just keeps coming for the economy today!

Philly Fed GDPplus Measure Sure Looks Like Recession Started In Q4 2022

Dollar General Plunges On Missed Earnings, Outlook Slashed; A Warning Sign Consumer Cracks!

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A turn down in EURUSD today which is in line with the idea that wave (iii) is still unfolding here.
This is not a confirmation of the new wave count yet,
we need to see a break below wave ‘a’ at 1.0766 to do that.
But I do think todays move lower is impulsive looking,
and I am labelling this wave ‘1’ of ‘c’ now.

Tomorrow;
WAtch for wave ‘c’ to continue lower towards the 1.0600 handle in five waves.
Wave ‘1’ and ‘2’ should create a lower high tomorrow below 1.0945.
And wave ‘3’ of ‘c’ should break that 1.0766 low early next week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

This pattern in cable has turned lower again also today, in line with the larger trend in wave (v) of [i].
the decline is not as large as in EURUSD,
so wave ‘iii’ has not been confirmed here yet.
But I can stick with the main wave count now in wave ‘iii’ of (v) as long as the price continues lower like today.

Also,
todays move does suggest the recent rally was corrective to the upside,
as the price has now retraced well into that rally again confirming it’s corrective nature.

Tomorrow;
Wave ‘iii’ should take control of the pattern now and trace out a clear five wave pattern lower over the coming days.
A break of 1.2548 again will confirm wave ‘iii’ of (v).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is working towards that three wave corrective pattern today with another step lower.
I am suggesting wave ‘b’ of ‘iv’ traced out a contracting triangle.
And now the price has broken to a new low in wave ‘c’ of ‘iv’.
Wave ‘c’ should find support at the previous wave ‘4’ low at 144.56.
And I would like to see wave ‘v’ turn higher off that level early next week.

Tomorrow;
Watch for wave ‘c’ of ‘iv’ to complete this three wave correction near 144.56.
The invalidation level for wave ‘iv’ pink lies at 143.90.
A break of that level will trigger the alternate count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

A 62% retracement in wave (ii) was hit yesterday,
and now today we see a nice impulsive reversal off that important Fib level again.
I will admit that I really like when these little hints happen in the market action!

I can’t confirm that wave ‘i’ of (iii) is now underway just off todays action,
but I can say this action has called the bluff on the recent rally.
Now we have to see an impulsive follow through to the downside to confirm wave ‘i’ of (iii) has taken over here.
I want to see a five wave decline that breaks below the recent wave ‘b’ low at 34440.
that is a minimum target for wave ‘i’ of (iii).

So,
Todays trade is a hint at the reversal into wave ‘i’ of (iii).
WAve (iii) has the potential to fall back below 31000 again.
And we should see a nice extension lower in that wave (iii) structure.
So there is a lot of work ahead.

Tomorrow;
Watch for wave (ii) to hold at 35097.
That level must hold from here on out if the wave count is correct.

Wave ‘i’ down should fall in five waves and break 34440 at a minimum.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has dropped off the highs after hitting the 62% retracement of wave (i) now.
I can’t say that we learned much from todays action though.
To be honest,
the very small decline is quite corrective looking so far.
this could develop further tomorrow so I am willing to give this pattern time to prove itself.

Tomorrow;
I have set that wave ‘b’ low at 1903 as the confirmation level for this wave count.
So the reversal into wave (iii) is only a theory until that level is broken again,
Watch for wave ‘i’ of (iii) to take the price lower from here in five waves.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Ok,
crude did finally step up into a third wave rally today with a break above the 83.00 handle.
The internal structure of this rally is still a little bit suspect,
but I think the action has done enough to rule out the alternate count now.
From here on out,
wave [v] green should remain the dominant force.
And I expect to see a completed pattern in wave [v] above that 85.00 level again.

Tomorrow;
Watch for wave (iii) to continue higher and break above the previous high at 84.33.
The support at wave (b) should hold from here on.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The action in the S&P is quite dead today and I really can’t glean much insight from it to be honest!
At a minimum,
we can say that the upside momentum has peaked out and reversed on the hourly RSI and MACD.
So there is a real possibility that the price will follow momentum lower from here.
I want to see the wave (ii) top come in pretty quickly now,
because the market has reached towards the 78.6% Fib retracement level today.
That is quite far enough in my book!

The wave count calls for wave ‘i’ of (iii) to fall sharply from here and retrace most of that wave ‘c’ rally.
So I want to see a break of 4350 again in wave ‘i’ of (iii) next week.

Tomorrow;
Watch for wave ‘1’ of ‘i’ to break below 4470 at the wave ‘a’ high to signal that the top is in,
and wave ‘i’ is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The decline in silver today was nothing special,
but it is enough to allow me to stick with the main wave count for another day at least.
Wave ‘i’ of (iii) has much more to do though,
I want to see a drop back below 23.00 again,
but a break of the wave ‘4’ low at 23.90 again will signal favor the wave ‘i’ idea again.

the alternate count on the 4hr chart is expecting a drop from here also.
but that wave count is calling for wave [ii] to trace out three waves down into the 23.00 area and then wave [iii] can turn higher again.

So both counts call for a decline from here.
The pattern of that decline will decide between the counts.

Tomorrow;
Watch for wave ‘i’ of (iii) of [c] to trace out five waves down as per the main count.
A break of 23.00 is the target for wave ‘i’.