Good evening folks, welcome to a new week, the Lord’s Blessings to you all.

Massive Deficit Spending Keeping The Economy Out Of Recession (For Now)

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EURUSD.

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EURUSD has been relatively quiet for a few days now and I’m afraid today was no different.
I am suggesting tonight that wave ‘ii’ of (iii) may still be unfolding here.
The price made very little progress today,
it seems we will have one more pop to complete a possible wave ‘c’ of ‘ii’ as shown.

Tomorrow;
Watch for wave ‘c’ of ‘ii’ to complete near 1.0930 and then turn lower again to begin wave ‘iii’.

GBPUSD

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Wave (ii) is holding on firm to the price today also.
Wave ‘c’ of ‘ii’ made a new high today but the action is still within the scope of a correction higher.
I have shown the rise into wave ‘c’ of ‘ii’ as a wedge which may have completed at the high.
Wave ‘ii’ must hold below 1.2785,
and then we should see a decline to begin wave ‘iii’ soon.

tomorrow;
Watch for wave ‘c’ of ‘ii’ to top out and then we should see a drop off into wave ‘1’ of ‘iii’.
A break of 1.2596 again will confirm wave ‘iii’ of (iii) is underway.

USDJPY.

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Its been a real dead days trading in the dollar crosses today.
USDJPY drifted lower off Fridays high today.
the action is still in line with a correction in wave ‘4’ of ‘iii’.
And if this count is correct,
then we should see a rally to a new high in wave ‘5’ of ‘iii’ of (iii) for the next few sessions.

Wave ‘iii’ will complete this week,
and then we can expect a correction again into wave ‘iv’ before the end of this week.
So its going to be a slow and sideways trade overall if this scenario plays out.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to turn higher and complete above 149.00.

DOW JONES.

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The DOW has dropped off Fridays highs today and this action suggests wave (iii) of [v] is complete.
Wave (iv) should begin with todays small decline.
And this correction will trace out three waves down to complete the correction.
Wave (v) will then rally out to another new high as shown.

That rally in wave (v) blue will complete the larger wave [v] green.
And then I can begin my ever present search for the impulse wave down to start the bear market proper.

The wave [iv] low lies at 37120 now.
and that level forms the initial support for the pattern.
I can only dream of a break of that level this week.
But we will see.

Tomorrow;
Watch for wave (iv) to complete a decline.
Wave (iv) should find support at 37800.

GOLD

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Gold did very little today also,
and it looks like wave ‘2’ of ‘iii’ of (iii) is still in play here.

The decline off Fridays lows has been reasonably corrective looking so far.
so I suspect we will see another pop to compelte three waves up in wave ‘2’ as shown.
And then wave ‘3’ of ‘iii’ should begin with a larger impulsive decline to break 1972 again.
A break of that level will confirm this count.

Tomorrow;
Watch for wave ‘2’ to complete below 2062.
Wave ‘3’ of ‘iii’ should then begin.

CRUDE OIL.

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Crude has completed the triangle correction in wave (b) at todays lows.
The price should head higher for the rest of the week in wave (c) if all goes to plan here.
Wave ‘e’ of (b) completed at 72.50 at the low today.
And now the price has bounced off the wave (b) low this afternoon.
I have shown wave ‘i’ of (c) complete at todays highs.
And wave ‘ii’ is now underway.
Wave ‘ii’ must hold above 72.50 tomorrow.
And wave ‘iii’ of (c) will make most of the gains towards the target area near 79.00 over the coming days.

Tomorrow;
Watch for wave ‘ii’ to complete above 72.50.
Wave ‘iii’ of (c) will begin with a break of wave ‘i’ again.

S&P 500.

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Wave (iii) of [v] has stalled the rally today.
The rally in wave (iii) blue does not look complete yet,
so I am suggesting a correction in wave ‘iv’ of (iii) may be starting here.
Wave ‘iv’ of (iii) should complete above 4803 at the previous high.
And then later this week wave ‘v’ of (iii) will take the market out to a new high again.

Tomorrow;
Watch for wave ‘iv’ of (iii) should trace out a correction lower to complete above 4800 by midweek.

SILVER.

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Silver is now sitting at the next support level after another drop today.
The support at wave (b) lies at 21.87.
And that level should break as wave (iii) progresses.

We are watching the developing wave [c] of ‘2’ this week.
And that wave must compelte above 19.90.
Wave (iii) of [c] is nowhere near complete yet,
so we are getting closer to that invalidation level as wave (iii) completes.

Tomorrow;
Wave ‘3’ of ‘iii’ of (iii) of [c] should continue lower for tomorrow at least.
I am looking for a low in wave ‘3’ of ‘iii’ near 21.50.