Good evening folks, And God Bless you all tonight.
We are getting there quicker than expected for sure!
Todays decline reversed the late evening spike that occurred yesterday.
This action has opened up the possibility that wave (iv) was a running flat correction.
And wave (v) is now in force off that lower high at 1.2179.
Watch for wave (v) to hit a low soon.
The previous shelf of support has an extreme low at 1.2059.
Watch for wave [i] to complete with a break of that level and then reverse higher into wave [ii].
Cable has switched gears into that alternate wave 'v' pattern I spoke about last night.
It seems the price is declining into the lower trend line within wave 'v',
and then we should see a rally again to complete three waves up in wave 'v' by the middle of next week.
That will open up the window for a reversal to occur into wave 'D' down next week.
Watch for wave [v] to complete and wave (i) down to begin early next week.
USDJPY has corrected sideways in three waves today.
The pattern suggests that wave (c) of [ii] is still underway.
Wave (c) should trace out five waves down,
so todays correction is viewed as wave 'iv' of (c).
Wave 'v' of (c) should drop below 103.51 again to complete the correction.
Watch for wave [ii] to complete by Monday evening in the region of 103.50.
A rally back above 104 again will signal wave (i) of [iii] has begun.
I have switched to the alternate wave (iv) count this evening after todays rebound off the lows.
The Dow has tracked sideways in a three wave pattern over the last few weeks.
This pattern seems to be a flat correction in wave (iv) now.
And the spike higher today seems to be the beginning of wave (v).
This pattern suggests a final high in the Dow by the end of next week.
Just in time to swear in a new president and get the ball rolling into the next depression.
Watch for wave 'a' of (v) to push back up towards 31200 before correcting off the high in wave 'b'.
You could call this chart a split count chart!
Todays action has really favored the alternate count,
so I have labelled that as the working count from the vertical line on!
This shows five wave down into the low of wave [i].
and when wave [i] is down after a break of 1817 again,
Then wave [ii] is expected to rally higher to a bearish lower high.
If this count is correct,
and we are going to see a new low in wave 'C' of (4),
then the real damage can be expected in wave [iii] of 'C' late next week.
Watch for wave [i] to complete with a quick break of 1817 again.
Wave [ii] should complete by Thursday as a ball park estimate.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude has only dropped in three waves so far.
Wave (c) will allow for another pop to the upside to complete five waves up next week.
If the price drops back below 50.00 again without making a new high,
that will signal the top is in and wave [i] down is underway.
Watch for wave 'iv' to complete and hold above 50.65.
Wave 'v' should begin late Monday.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
We have a three wave corrective drop in place now as wave (iv) of [v] at todays low.
The price has rebounded this evening,
and this action is viewed as the beginning of wave [(v) of [v].
The price should now rally in three waves again into a new all time high in wave (v) of [v] next week.
And once that completes,
I am going to be looking lower again for a sharp move down to begin the next bear market.
watch for wave wave (iv) to hold at todays lows,
and then wave five to continue higher in three waves.
At the moment wave '2' looks like it may be complete at Thursdays highs.
The price fell quite impulsively today which opened up the door to this alternate count.
And the price is only just holding above the wave '1' low this evening.
So a break of 24.32 will signal wave [i] of '3' is underway.
If we see another lower high early next,
that will signal wave [ii] is complete and we can expect a sharp decline into wave [iii] of '3'.
Watch for wave '2' to hold.
and wave [i] to break 24.32 again.
Thank you all for hanging with me again for another week.
This year has had a very interesting start to it for sure!
It is only going to get worse in terms of social mood.
And I expect the negative social mood that is abounding everywhere now,
to spill over into the stock market soon enough.
That will kick off the next big bear market decline.
And quite possibly the start of the next big war cycle too.
All the pieces are in place for the political and economic world to spill over the edge of a cliff now.
And God only knows how this will negatively affect our individual lives.
its not going to be pretty,
and that may be the understatement of the century!
One thing that has happened to me over this last year.
Is that I am not my own God anymore!
I now constantly evaluate where I am in my onw walk with God,
and I hope to continue this into the future.
There is one infinitely greater than me,
Yeshua the messiah!
And He has the reins in my life from now on.
Come what may!
God Bless you all this weekend,
and see you Monday.
Topping in wave [B].
FTSE 100 1hr.
FTSE 100 4hr.
FTSE 100 daily.
Completing a fourth wave.
Topping out in wave [B].
Topping out at all time high.