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

“Near Stalling Of Production” – US Manufacturing Surveys Collapsed In July

Initial Jobless Claims Surge To 12-Month Highs

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am looking at a possible ending diagonal for wave ‘c’ of (d) today.
We have a choppy five wave pattern playing out off the top of the triangle in wave ‘b’.
This fits the bill at the moment,
and if this is correct,
wave ‘c’ of (d) will bottom out at about 1.0760 and then turn higher into wave (e).

Tomorrow;
Watch for wave ‘5’ of ‘c’ to hit that final low at 1.0760 to complete wave (d).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Ok,
cable is moving a little more impulsively to the downside today and I can string together a possible five wave pattern in wave (i) now.
This is a pretty unorthodox internal pattern for wave (i).
but I can just about pull it together!

Tomorrow;
If wave (i) is getting close to the end,
then we should see a corrective retracement higher beginning next week.

Watch for wave ‘v’ of (i) to hit a low at 1.2700 and then we may even see the first move higher by tomorrows close.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have decided on a larger degree count for USDJPY today,
and this involves a reversal off the top of wave [3] into wave [4] red.
You can see this on the daily chart.

That means the decline we are witnessing now is only corrective in the longer term.
And we will see a three wave decline back into the 120.00 area over the rest of this year most likely.
And then the USD should rally hard into wave [5] off a final corrective low.

Tomorrow;
This pattern will take time to develop.
Wave (A) of [4] will trace out three waves down into the 130.00 area for the rest of the summer I suspect.

that means the drop off the recent high is part of wave ‘A’ of (A).
And we are hitting a low now in wave [a] of ‘A’.

I know its a mouthful,
but I think it fits the overall picture now.
Lets see how this develops in the coming days.

DOW JONES.

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DOW daily.

Well,
that is a change of fortune!

I am calling this weeks high wave (v) of [v] of ‘C’ of (B) now complete as a failed fifth wave.
The alternate count is essentially the same except the top of wave (B) remains at the orthodox high.

All this actually means is that I am tracking a bearish pattern lower again after todays sharp selloff.
Wave (i) down should break the wave (i) low at 39800.
And from there we will look for a retracement higher in wave (ii).

Tomorrow;
Watch for wave (i) to complete a five wave pattern lower at 39800.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is bumping up against the 78.6% retracement for the last two days.
This should complete wave (b).
and now I am looking for this decline into wave (c) to come which is overdue now!
Five waves down in wave (c) will carry the price back to the lower trend channel line at 2300 again starting next week.

Tomorrow;
Watch for this wave (b) high to top out finally and turn lower to begin wave ‘i’ of (c).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A quick turn down off the wave ‘A’ top today means that we are in wave ‘B’ of (2) now.
I am expecting three waves down in wave ‘B’,
And the drop today is labelled wave [a] of ‘B’.
Wave ‘B’ will take a few more days so we are talking about wave ‘C’ turning higher again by midweek next week.

Tomorrow;
Watch for three waves down to play out over the coming few days in wave ‘B’ of (2).

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The rebound into the wave (ii) high topped out at the 62% retracement level more or less exactly!
That gives us a bearish lower high in wave (ii) now in place.
And then we got a dose of reality today to begin a possible wave (iii) decline.

Wave ‘i’ of (iii) should be done at todays lows,
and I am suggesting a retracement higher into wave ‘ii’ should begin soon.
Ideally wave ‘ii’ will complete tomorrow and then we can look forwards to a bit of carnage next week in wave ‘iii’ of (iii).

Tomorrow;
Watch for wave ‘ii’ to top out at a lower high near 5480 in three waves.

SILVER.

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SILVER 4hr.

SILVER daily.

The pattern here is at a pretty crucial point now.
We have a higher low above the wave [ii] low now in place.
This is labelled wave ‘ii’ of (i) of [iii].
And if this is correct,
then we have a solid run higher in wave (i) coming next week.
I suspect wave (i) will push back above 31.00 again in five waves.

Tomorrow;
Watch for wave ‘ii’ to hold above 27.30.
Wave ‘iii’ of (i) must now continue higher to confirm this count.