Good evening folks and the Lord’s blessings to you.

I want to start tonight with a very compelling pattern that is developing in the US bond market. the TLT to be exact.

I think there is a bullish higher low now coming into view, and I think this should be watched closely over the coming days as the correction completes.

this market could rally hard into a third wave if this pattern plays out.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave ‘4’ of ‘iii’ made a very slight new high today at 1.0608.
wave ‘4’ topped out within the rising trend channel.
and then wave the price turned lower quite sharply again into wave ‘5’ of ‘iii’.
The minimum target for wave ‘5’ lies at 1.0495,
but I would like to see a drop into 1.04 to complete wave ‘iii’.
Form there I will begin to look higher again into wave ‘iv’ pink.

Tomorrow;
Watch for a break of the wave ‘3’ low at 1.0495 at a minimum to complete wave ‘5’ of ‘iii’.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

wave ‘iv’ did complete three waves up at 1.2715 today and from there the price dropped back into wave ‘v’.
Wave ‘v’ of (iii) must break the wave ‘iii’ low at 1.2597,
but I would like to see a little more on the downside to close out the larger pattern.

Tomorrow;
Watch for wave ‘iv’ to hold at 1.2715.
Wave ‘v’ down should fall to a low near 1.2500 in an ideal pattern.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

There is an expanded flat correction in place for wave ‘ii’ pink at todays highs.
If this pattern is correct,
then we should see a drop into wave ‘iii’ over the coming days to hit the 152.00 area again.
that type of decline will break the wave (iv) lows at 152.15,
and that will give a boost to the probability that a final top for wave ‘B’ is in place again.
We still need a five wave decline into wave (i) blue over the coming days to confirm the larger pattern.
But,
its a case of one step at a time.

Tomorrow;
Watch for wave ‘iii’ of (i) to turn lower to hit the 152.00 level again by the end of the week.
The high at 156.72 must hold.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

There is a small higher low in place today as the market climbs out of the low created on Tuesday.
I am not labelling this pattern yet.
So far the pattern can be read in both ways,
as a correction and an impulse down.
I am going to wait for confirmation of one of those counts before making larger changes to the counts.

If the action creates a three wave pattern higher off that recent low to hit the 43700 area,
then I can expect a return lower again towards support at wave (iv).
and that will push the action in favor of a top for wave (B) again.

Tomorrow;
watch for a three wave correction into the 43700 area and a drop off from there again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I can see a clear five wave rally off the lows at wave (a) now,
and this pattern suggests that we will see a larger wave (b) formation over the coming days.

the current highs should give way to a decline in wave ‘b’ of (b) starting tomorrow,
that should trace out three waves down to a higher low as shown.
And then wave ‘c’ will have to wait until next week to get going I suspect.

Tomorrow;
Watch for wave ‘a’ to top out and then the price should turn lower into wave ‘b’ over the coming days.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil topped out at 69.94 today and then dropped back off that high again.
The high of wave [ii] is still in play here,
and todays action suggests that this correction is now complete.
Wave [ii] managed a 50% retracement of the wave [i] decline,
and now the price must turn lower again in wave (i) of [iii] to confirm the larger pattern.

Tomorrow;
Watch for wave [ii] to hold at the session high.
Wave (i) of [iii] should retrace most of the rally in wave (c) of [ii] over the rest of this week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am tracking a possible three wave pattern higher in wave ‘ii’ pink now,
As the S&P builds a lower high again.
This might be a little bit brazen given the power of recent rallies in the broader stock market.
It seems that optimism in the stock market can soar to every higher extremes if you listen to the news.
But this is simply not the truth.
The rally will finish,
and boy oh boy will the piper demand to be paid when it does.

The bearish impulse wave is a possibility here,
so I will stick with it until proven wrong.

Tomorrow;
Lets seee if wave ‘ii’ will trace out three waves up towards the upper trend line again at 5972.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am tracking a wave (ii) correction in silver again today,
with the price now falling slightly into wave ‘b’ of (ii) as I write.
The price should complete a higher low as shown tomorrow in wave ‘b’.
and then wave ‘c’ up will be set to hit the 50% retracement level at 32.26 or so possibly as early as Friday evening.

Tomorrow;
Watch for wave ‘b’ to hold above 29.65 and then price should turn higher again in wave ‘c’ to complete three waves up as shown in wave (ii) blue.