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

This week is a holiday week in the U.S with the thanksgiving break on Thursday, so there will not be an update on Thursday night as a result.

May I also point you to a new update from John Hussman which is very eye opening, it is good to read an objective analysis of where we stand in the historical picture, and he does just that.

Soft Selling a Hard Landing

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

That wave ‘v’ top is taking its sweet time today with only minute moves higher at the end of this wave.
We do have a five wave pattern now in place here for wave (c).
And the top of wave ‘v’ of (c) is now within a few pips of hitting the 62% retracement level at 1.0959.
I think wave [b] has enough done now to call the correction complete and we should turn our focus lower again into wave [c] down over the coming weeks.

Tomorrow;
Watch for wave ‘v’ of (c) to show signs that it is complete with a reversal off a nearby top.
the Fibonacci retracement level at 1.0960 should offer some resistance for wave [b].
Once we see a drop back below 1.0800 again that should signal wave [b] is done.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable made a very slight new high today and that invalidated Fridays count for wave (c) of [iv].
Todays new high has opened up another possibility for wave (c) though.
And that is a contracting wedge pattern.
You can see that idea shown by the rising trendlines off the wave (b) low.
There is a five wave pattern already in place here for wave (c).
But the nature of the contracting wedge pattern always makes the end of a wedge pattern hard to pinpoint.
So we will have to wait for a reversal off the top to signal the turn into wave [v].

Tomorrow;
Watch for wave ‘v’ of (c) of [iv] to top out close to these highs.
A drop back below the wave ‘iv’ low at 1.2372 again will signal wave (iv) is complete.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY made that last step lower to complete wave ‘c’ of (a) today,
and now we have a solid break of the previous wave ‘iv’ low at 149.17.
There is a clear three wave pattern now complete in wave (a).
The next step is for wave (b) to turn higher in three waves for a few sessions.
Wave (b) will likely rise into the 150.00 handle again.
and that lower high in wave (b) should be complete by the end of this week.

Tomorrow;
Watch for wave ‘c’ to complete and then a spike higher into wave ‘a’ of (b) should show up by tomorrow evening.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I have shown another possible pattern for wave (c) of [ii] this evening after the market broke to another small new high for this rally.
Wave (c) is still a five wave pattern.
But wave ‘iv’ of (c) is shown as a contracting triangle,
and wave ‘v’ of (c) has now pushed to a new high to complete the pattern.
This should bring us within spitting distance of the end of this pattern now.
So this week is crucial to turn this market lower again.

I do realize that the price is getting very close to that invalidation level now after a long rally into this wave [ii] top.
So this pattern is under pressure here,
and wave (i) really does need to show up now.

Tomorrow;
Watch for wave (c) to show signs that the top is with weakness in the action and a halt to the rally overall.
It is going to take a pretty large decline into wave (i) of [iii] to turn the tide back in favor of this wave count.
A break of the wave (b) low at 33840 again will do just that.
So that is my hope for this weeks action.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has traced out three waves down off the recent top.
and because of that I am looking at a different idea for wave (b) this evening.
This is essentially a larger, more complex wave (b) correction.

The rally last week is now labelled as wave ‘a’ of (b).
And this decline today is the beginning of wave ‘b’ of (b).
And then we should see a new low in wave ‘c’ of (b) later this week if all goes well with this count.

Tomorrow;
WAve ‘b’ pink should trace out three waves down over the next few sessions.
Watch for the price to turn lower again into wave ‘c’ of ‘b’ by tomorrow evening.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

It seems that crude oil has topped out this initial rally off the lows this evening.
I am still looking for a simple three wave pattern higher into wave (iv) as shown.
And todays top is labeled wave ‘a’ of (iv).
the price should fall in three waves into wave ‘b’ over the coming days.
and then wave ‘c’ can complete the correction early next week.

Tomorrow;
Wave ‘b’ should trace out three waves down into the 75.00 handle starting soon.
Watch for wave ‘b’ to complete by Wednesday evening if all goes to plan here.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has traced out the very same triangle pattern as the Dow over the last few days
And today we got another spike higher in a fifth wave rally.
so that’s five waves up in wave (c) complete.
and three waves up in wave [ii] complete.
The rally has now brought us very close to that invalidation level at at 4606.
So I am getting worried about the possibility of a break of the pattern in wave [ii].
Tomorrows trade should be telling,
if there is a reversal on the cards,
then its now or never!

Tomorrow;
Watch for an early drop off the top to indicate that wave ‘v’ of (c) is complete.
4606 must hold.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The decline off wave ‘i’ has traced out three waves down into todays lows.
That should complete wave ‘a’ of ‘ii’.
Wave ‘b’ has turned higher this evening and the price is holding above the wave ‘a’ low as we close tonight.
Wave ‘b’ should complete a lower high tomorrow and then turn down into wave ‘c’ by Wednesday.

Overall we should see a completed correction in wave ‘ii’ this week.
And then it will be time to look higher into wave ‘iii’ of (iii) next week.