Good evening folks, the Lord’s Blessings to you all.

I just wanted to let you know that I will be on a family trip for the next few days.
I do plan to get the nightly updates done as usual.
but If I miss a night,
please don’t hold it against me!
I will make amends at the weekend when I get back home again.

Public service announcement done,
on with the show!

The Party’s Over: Atlanta Fed Slashes Q4 GDP Estimate From 2.3% To 1.2%

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Another decline today and a very small break of the wave ‘i’ low at 1.0521.
I am confident that wave ‘1’ of ‘iii’ is complete,
but the pattern in wave ‘2’ is up for debate.
I am suggesting a possible running flat complete at 1.0570.
If this count is correct,
then wave ‘3’ of ‘iii’ of (v) should continue lower tomorrow.
This count will be confirmed with a break of the wave (iii) low at 1.0447.

Tomorrow;
Watch for wave ‘2’ to hold at 1.0575.
a break of 1.0500 again will signal that wave ‘3’ of ‘iii’ is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has basically gone sideways today so we don’t have a whole lot to go on in terms of setup for the next wave down.
I am suggesting a possible ‘1’ ‘2’ pattern off the top of wave ‘ii’ pink.
and if this is correct,
then we will see a further acceleration lower tomorrow in wave ‘3’ of ‘iii’ of (iii).
That is a tall order for sure.
so,
I will keep a tight limit of this wave count.
If the price breaks the wave ‘2’ high at 1.2165 again that will invalidate this short term count.

Tomorrow;
Watch for wave ‘2’ of ‘iii’ to hold at 1.2165.
Wave ‘3’ OF ‘iii’ should continue and break 1.2036 at a minimum.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am introducing another possible count for wave (v) blue tonight.
This is a more conventional pattern overall.
And the problem with wave ‘iv’ is solved in a triangle.
The rally into wave ‘v’ of (v) is where things get messy.
Wave ‘v’ involves an expanding wedge pattern now.
and the rally this week has already hit the upper trend line of that wedge.
the action today has fallen back into the wedge and if this pattern is correct,
then we will see a sharp reversal into wave [a] of ‘4’ over the coming week.

Tomorrow;
Watch for a possible decline back below 148.42 again to signal wave ‘3’ is complete again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market is higher again today and it seems like I will not get a sizeable correction lower in wave ‘b’ as I expected.
Even so,
I am sticking with the simplest interpretation for the overall action tonight again.
Wave (iv) remains in control of the action here.
and todays rally is happening in wave ‘c’ of (iv).
In fact the price is very close to hitting the target area for wave (iv) now.
And we should see this in wave (iv) correction complete very soon if this pattern is correct

As for the alternate count,
that triangle idea for wave (iv) is still very much a possibility here.
But it will take a few more days of contracting and ranging action to favor that idea.
We will see how it goes.

Tomorrow;
Watch for wave ‘c’ of (iv) to complete with a tag of that initial target level at 33450.
A sharp turn down from that level will suggest wave ‘i’ of (v) has begun.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has dropped in a possible five wave pattern off the recent high.
I have labelled this decline as wave ‘a’ of (a) of [ii] now.
So the possibility exists that we will see a more sustained decline over the coming few sessions if this count holds up.

There is more work to do before we can confirm that larger wave (a) pattern.
I am looking for a small lower high to build tomorrow as shown,
and then a further decline into wave ‘c’ of (a) by the end of Fridays session.
So,
the pattern here is still in a limbo of sorts at the moment.
A corrective lower high in the action tomorrow will add weight to this wave count.

Tomorrow;
Watch for wave (a) of [ii] to trace out three waves down over the next few sessions.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil turned higher early in the session and the rally stopped hard at the 83.10 level.
Then we saw a complete reversal to fall back to a new low this evening.
I have labelled the high of the session as wave ‘ii’ of (iii) now complete.
But I will admit freely that wave ‘ii’ completed much faster than I expected.
If this pattern holds,
then this evenings decline into the session low is the beginning of wave ‘iii’ of (iii).

Wave (iii) down should progress back towards the 75.00 area again in this scenario.
so I know I am expecting a lot from this next move now.

Tomorrow;
Watch for wave ‘ii’ to hold at 83.09.
Wave ‘iii’ should trace out five waves down from here.
I am looking at a minimum target for wave (iii) at 77.88,
but most likely even lower.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am going to stick with the main count for the S&P tonight with the top of the session marking the end of wave ‘a’ of (iv).
The rally has reached the previous wave ‘4’ high now,
so wave ‘b’ should turn down again sometime tomorrow morning.
And if we see a break of 4200 again that will signal wave ‘b’ is underway.

Three waves down in wave ‘b’ is expected to hit about 4150 again.
It might take until next week to turn higher in wave ‘c’ again if this pattern holds.

Tomorrow;
Watch for wave ‘a’ to top out and reverse early tomorrow.
I am looking for a break of 4200 as the signal that wave ‘b’ is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has been whipsawing around this range all day now and this action does fit with a corrective wave.
I have labelled this sideways move as wave ‘4’ of ‘c’.
If this is correct,
then wave ‘5’ of ‘c’ should turn lower again tomorrow.
And the minimum target for wave ‘c’ lies at 22.43.
I do actually want to see a larger decline in wave ‘c’ of (ii) with the 62% retracement level still a favored target level at 22.18.
Lets see how it pans out as this pattern completes.

Tomorrow;
Watch for wave ‘4’ to complete soon and then the price should fall again into wave ‘5’ of ‘c’.
A break of 22.43 is the minimum target for wave ‘c’.