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

Gotta say, This chart of TLT looks like a bullish higher low.

And no-body cares about bonds!

Its starting to get very compelling to be honest!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I might be a little generous to EURUSD tonight,
but I am sticking with the main count again for wave ‘i’ down.
The pattern off that wave (iv) high is labelled wave ‘1’ and ‘2’ to begin wave ‘i’ pink.
So I am looking for five waves down as shown in wave ‘i’ pink to completely retrace most of the wave (iv) correction.
That gives us a target area below the 1.0400 handle again.

There is still a chance that wave (iv) blue is working on a larger pattern here.
Maybe a triangle or a flat correction,
that will allow for a longer period going sideways as that pattern develops.

Tomorrow;
Watch for wave ‘2’ of ‘ii’ to hold below the wave (iv) high and then turn lower into wave ‘3’ of ‘i’.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Time for a rethink in cable tonight

The decline off that recent high at 1.2750 is getting quite corrective looking.
The pattern looks like a set of three wave moves so far.
And this denotes a corrective decline overall.

I am now suggesting that wave (iv) blue is still developing here.
Wave ‘a’ completed at 1.2750.
Wave ‘b’ is now underway which should forma higher low below 1.2600.
And then wave ‘c’ of (iv) will rally to complete the pattern above 1.2750 again.

Tomorrow;
Watch for wave ‘b’ to trace out three waves down to complete a higher low above 1.2500 as shown.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has dropped in a clear three wave pattern this week.
I am suggesting this is part of the larger wave (iv) correction as wave ‘b’ of (iv).
Wave ‘c’ will turn higher from here in this scenario.
The target for wave ‘c’ lies between the wave ‘a’ level at 150.76 and the wave ‘iv’ high at 151.96.

Tomorrow;
Wave (iv) is tracing out an expanded flat pattern now,
a rally back above 150.76 is the minimum target to complete that pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another flat day in the market as the Euphoric rally into wave ‘c’ seems a story of the past now.

the recent high is labelled as wave ‘5’ of ‘c’ now,
wave ‘c’ only reached the 78.6% level of wave ‘a’
so this can easily be over-ruled,

but we will see if an impulsive wave down will begin this week.
Obvoiusly the wave ‘b’ low is the first level of interest in this previous rally.
And a break of that level will mark the first wave down.

Tomorrow;
Watch for the highs to hold and a five wave pattern lower to begin this week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have changed to the alternate count for wave ‘ii’ this evening.
This involves a running flat wave ‘b’ complete at Mondays lows.
Wave ‘c’ has turned higher off that low and should complete the pattern with a break of 2666.
Wave ‘ii’ must hold below 2721.
And then wave ‘iii’ down will begin as shown.
The minimum target for wave ‘iii’ down lies at 2537 at the wave ‘a’ lows.

Tomorrow;
Watch for wave ‘ii’ to continue in the corrective pattern to break 2666 and then turn lower into wave ‘iii’ from there.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The decline into wave (iii) never materialized today so I am forced to reconsider.
The pattern in wave (i) remains the same.
Wave (ii) is now shown as an expanded flat correction.
wave ‘c’ of (ii) created the rally today and wave (ii) remains below the previous wave ‘2’ high at 71.46.

A break of that 7146 high again will trigger the alternate count for wave [i] and [ii].

Tomorrow;
Watch for wave ‘2’ blue to hold at 71.46.
Wave (iii) of [i] will drop back below 66.58 to confirm this pattern.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is flat as a dead water today.
the price is holding at the highs again this evening and its been a slow grind just like Monday.
We really do seem to be overcome by calm complacency in general in the stock market.
People are quite happy believing that what has been – will be, on into the future.
Well,
reality is a cruel master and we are going to get a real walloping when it actually hits.
I will refrain from calling another top to make myself look stupid.
But wave ‘v’ pink is not far from done.

Tomorrow;
Lets see if a final pop will occur in wave ‘v’ to complete the larger wave (v) blue.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Well,
wave ‘c’ of (ii) has actually done enough today to hit its minimum target by breaking the wave ‘a’ high.
I am sticking the initial target that I suggested yesterday at the previous wave ‘iv’ high at 31.53.
And the upper end of the range for wave (ii) lies at the 50% retracement level at 32.26.

To be honest,
this pattern in wave (ii) looks very weak at the moment,
so I will not be surprised to see the action get more complex over the coming days and a larger wave form then develop in wave (ii).
I will remain open to that idea at least.

Tomorrow;
watch for wave ‘c’ of (ii) to head towards the initial target at 31.53.