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

WARNING: Yield curve steepening after inversions is a pretty accurate recession signal

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It is hard to make out what is actually happening over the last few sessions,
with barely any range in the price action,
the pattern is hard to discern to be honest.
There is a possible triangle scenario within wave ‘b’ that can explain the sideways move.
Also,
we could say that the triangle is all of wave ‘b’ pink.

and if either of those ideas are correct,
then we will see a decline into wave ‘c’ of (d) over the coming week.

Monday;
Watch for wave (d) to continue over the first half of next week.
the target for wave (d) remains in the 1.0750 area.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable continues to hold above that 1.2800 level today and in doing so there is no confirmation yet of wave (i) down.
The balance of probabilities still lies in favor of a more serious decline over the coming months,
The 4hr chart shows a completed three wave correction at the recent highs.

At the moment though,
this initial step down off the recent highs has not proved itself as an impulsive decline yet.

I want that potential to turn into a reality next week in order to stick with the larger patterns on the 4hr chart.
if the decline into wave (i) fails to materialize next week,
then I will rethink the larger pattern.

Monday;
Watch for wave (i) to break below that support level at 1.2800 to confirm the pattern.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is building a possible higher low today in wave ‘ii’,
but the price is still quite close to the low at 151.94.
We will have to see how this develops without getting too excited.
The action is a long way from confirming wave (i) up yet.
A break above 158.00 again will do the trick.
At the moment I am just looking for that five wave pattern in wave (i) to build the case for a larger rally in wave [v].

Monday;
Watch for wave ‘i’ and ‘ii’ to hold that higher low.
Wave ‘iii’ of (i) should push back towards 158.00 by the middle of next week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Todays rally is labelled wave ‘iii’ of (v) and the action went in line with the wave count.
This rally will result in a new high above 41400 and that will close out the larger pattern.

Now,
I am thinking a little differently tonight.
And,
I am open to the idea that we have a (i) (ii) pattern in play here with a lower high building at the moment in wave (ii).
I am not going to pursue this wave count aggressively over the coming days,
but I think it is worth just keeping an eye on the possibility.
A sharp move lower early next week will trigger that alternate count.
It is an interesting development nonetheless.

Monday;
Watch for wave (v) to continue higher in its pattern to complete a new high in wave [v] of ‘C’ of ‘B’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

A rally today in wave ‘a’ is sufficient but not quite finished I think.
the wave count is on track,
but I am looking for wave ‘a’ to reach 2400 to be more convincing of the larger wave (b) pattern.
Mondays trade should clear this up a little better I think.

Next week should be enough time to close out the larger three wave correction in wave (b).
So I want to see wave ‘a’ and ‘b’ completed by midweek.

Monday;
Watch for the price to hold above the wave (a) lows at 2350.
Wave ‘b’ and ‘c’ are felt to trace out three waves up towards the target level at 2430.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

wave ‘4’ did not quite reach the target at 78.60,
but the turn lower today certainly suggests wave ‘5’ is underway now.

I am expecting wave ‘5’ of (1) to complete near the 75.00 handle.
and then I will look higher into wave (2) over the coming month or so.
That is the wider picture,
but wave ‘5’ must complete first.

Monday;
Watch for wave ‘5’ of (1) to complete with a drop into the 75.00 area and then later next week I will look for wave ‘A’ of (2) to begin a rebound higher.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am going with the idea that wave (i) down is now complete in the S&P.
The rally today is enough to call wave ‘a’ of (ii) done also.
Wave ‘b’ and ‘c’ should complete a three wave correction higher over the next week.
and I am looking at a top for wave (ii) near 5530 at the 50% retracement level.

Monday;
Watch for wave ‘b’ to form a higher low above 5390.
Wave ‘c’ will then turn higher again by midweek at the latest.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The action off the lows so far is not enough to signal wave (i) is in play yet.
If we see a break above the previous wave ‘iv’ high at 29.45 again that will be convincing enough I suspect.
So next weeks trade will be important in turning this market into a bull run in wave [iii] green.
If that is going to happen,
then I would expect a convincing first move in wave (i) of [iii] to get the ball rolling.

Monday;
Watch for wave ‘i’ of (i) of [iii] to push higher in five waves to break 29.45.