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Hello there everyone,

I hope the day was kind to you.

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DOW JONES INDUSTRIALS

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The DOW hung on to the gains from Mondays session after a brief dip negative
In terms of both the current wave count,
the alternate wave count,
and the general momentum setup,
this market is poised to drop, and possibly accelerate lower in a fifth wave.

There is a lingering blind bullishness permeating wall st at the moment.
and it goes a little like this:
Good news from the trade talks is good for the market as money will come rushing back in on the buy side.
And;
Bad news on the trade talks is good for the market because the FED will grease the money spigot and maybe even drop rates again.

So the market will go up either way no matter what!?
forgive my skepticism.

I have shown another alternate interpretation on the 4hr chart this evening.
Similar to the S&P alternate;
If the market breaks 24115 that will trigger the count.

On the hourly chart;
24115 should hold as wave [iv] completes it's three wave rise in a trend channel.
The price is off the highs slightly this evening so wave (i) down may have begun already.

For tomorrow;
Watch for a break of the left shoulder at 23370 to signal the turn is in.
A break of the previous wave (b) low at 22580 will confirm it.

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U.S CRUDE OIL

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Crude oil is in a precarious position also this evening.
While the price did make a slight new high today,
the structure of the rally still fits a 'C' wave high.
I have changed the internal wave count slightly in wave 'C'.
It now shows a complete five wave pattern with an extension in wave [iii] of 'C'.

The trend channel has held also without any break out above.
And upside momentum has completely stalled.
We now have bearish divergence on the 4hr and hourly charts.
The price is set up to fail soon.

Tomorrow;
I want to see the first decline in wave '1' of (3) begin this week.
The alternate count also calls for a drop back towards the 45.00 handle again.

Watch for a five wave decline in wave (i) to start as early as tomorrow.

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