Good evening to you all, and may the Lord bless you all tonight.

Inflation is 7% and the last time this happened, we had a double-dip recession. Prior to the pandemic, 5%+ inflation presaged all seven recessions over the past sixty years.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has reached the upper trend channel line today although I think we will see another small spike to complete wave (c).
The rally in wave (c) has topped out in wave ‘iii’ of (c) today,
and the price is corrective off the top now.
That should be wave ‘iv’ of (c) now underway.
And tomorrow will see a final spike into wave ‘v’ of (c) to complete wave [iv].

Tomorrow;
wAtch for wave (c) to complete soon.
And next week should bring a reversal into wave (i) of [v].
A break of 1.1285 again will signal wave [v] is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has rallied hard into the highs of wave [ii] this week.
And the pattern in wave (c) of [ii] is quite extended for sure,
but I do think that the corrective form is still the best way of interpreting this pattern even after that rally.

I do want to see a sharp reversal back below 1.35 again to signal wave [ii] is complete here,
And wave (i) of [iii] should fall back to the wave (a) high again at about 1.3370.
So there are solid criteria for a reversal to begin now.

Tomorrow;
Watch for wave (i) to begin.
wave ‘i'[ of (i) should fall back below the rising wedge and break into the 1.35 handle again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has now fallen too far to stick with the previous count.
the new count is a step further on than last night,
It seems that wave [v] of ‘3’ is now complete.
and I think we can now view this latest decline as wave [a] of ‘4’.
There is a five wave pattern complete in wave (c) at todays low.
That completes a three wave pattern in wave [a] also.
So I suspect we will see a reversal higher into wave [b] next week.
Wave [b] will likely rise into the previous wave (b) at 115.70 again.

Tomorrow;
Watch for [a] to complete and then a rally to begin in wave [b] over the following few sessions.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

If the bullish count is correct,
then we are no the verge of a rally into wave ‘3’ of ‘iii’ of (iii) of [v].
That should result in a sharp rally to a new high a likely a break above 37000 again.

Now This rally is building very slowly here,
so far there is still only three waves higher in place off that recent low.
And until we see a break out into a rally in wave ‘iii’,
then the alternate count will remain a viable option.

Tomorrow;
Watch for wave ‘2’ of ‘iii’ to hold above 35630 at the wave (ii) low.
If that level breaks,
then the bullish count is invalidated.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has completed an expanded flat correction in wave (ii) at todays lows.
The price bounced off that low this evening and that suggests wave (iii) is now underway.
Wave (iii) should push above 1832 to confirm this count tomorrow.
After that there should not be much more left in to go in wave [c].
I want to see a top form below 1877 at the wave ‘B’ high.
So ideally this rally in wave [c] should lose power from now on.

Tomorrow;
Watch for wave (ii) to hold at todays lows of 1813.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

No change in crude today.
This pattern needs a major reversal to begin immediately now!
The market is too quiet today,
and the patterns have not developed at all because of that.
I have charted a three wave rise into this high and I think it is quite a solid pattern.
So I will be disappointed for sure if the pattern in wave (2) is invalidated.
But we are not there yet!

Tomorrow;
Watch for wave [i] down to begin.
I will be delighted to see a break below 77.00 again that is for sure!

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has halted its rally also today.
The price has fallen a little off that lower high created yesterday,
but not enough to get excited about it yet!

The idea is pretty simple from this point on,
the price must begin to move lower in an impulsive manner to call wave ‘iii’ underway.
If that does not happen,
then we are dealing with another false start here,
and I suspect wave ‘iv’ will be labelled as a triangle into this weeks lows.

Tomorrow;
Watch for the price to continue lower and break 4580 again at the wave ‘i’ low.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is holding flat today also and that does suggest a small correction is now underway.
I have labelled this as wave (iv) of [c] for the moment.
Wave (iv) can easily continue a sideways move for another few days,
so I am not expecting wave (v) to begin immediately.
The minimum target for wave (v) of [c] lies at 23.41 at the wave [a] high.
If wave [c] hits the upper trend channel line again,
then we could see a top at the 24.00 handle again.
So that gives us a target band between 23.40a and 24.00 to complete this correction in wave ‘B’.

Tomorrow;
Watch for wave (iv) to trace out a corrective pattern and complete by Monday.
A rally should begin again next week into wave (v) of [c].