Good evening folks, And God’s Blessings every single one of you.

A few more charts and stories that I just find so perplexing and indicative of an absolutely crazy market!

Gamestop Goes Red After More Than Doubling Just Two Hours Earlier!

“You know in your heart of hearts you have never taken this level of risk, and you never thought you would.” – Jeremy Grantham, GMO, January 22, 2021

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Todays small rally has lowered the probability of the short term count.
We are now moving towards a larger wave [ii] scenario,
although this has not been confirmed yet either.
Its just worth keeping in mind tomorrow.

The short term chart shows todays rally as wave ‘ii’ of (i) of [iii].
this still allows for an immediate reversal into a decline tomorrow.

Tomorrow;
Watch for wave ‘iii’ fo (i) to push lower and break 1.2076.
1.2190 must hold.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Todays rally in cable has forced me to rethink the pattern in wave (iv) and (v) slightly.
Wave (iv) can be labelled quite easily as a triangle rather than a simple zigzag as shown.
And the wave (v) still takes the form of an ending diagonal,
where wave ‘v’ of (v) is now underway.

Tomorrow;
Wave ‘v’ must trace out a three wave pattern.
And this pattern will not allow for much more upside above 1.3800.
Wave ‘v’ will probably close out tomorrow.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The action in USDJPY overnight and today has also opened up another idea for the short term pattern.
The price has declined in three waves today,
and this action suggests a correction to the downside in wave ‘ii’ of (i).
So long as the price holds above 103.32 tomorrow,
then we have a good chance that we will see a rally later in the week to push above 104.50 in a five wave pattern.

Tomorrow;
103.32 must hold.
Watch for wave ‘iii’ of (i) to turn up and break 104.09 at a minimum.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Wave ‘a’ of (v) is has traced out a three wave rally at todays high.
This pattern suggests wave (v) will trace out a flat 3,3,5 pattern into the final high of the ending diagonal later in the week.

Wave ‘b’ should now fall in three waves and create a new higher low above the rising trend line.
Once that happens,
we can look for a five wave rally into the final high in wave ‘c’ of (v).

Tomorrow;
Watch for wave ‘b’ to complete that three wave correction by mid session tomorrow.
Wave ‘c’ of (v) should continue higher tomorrow evening.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The weak action today suggests a small degree correction higher is underway today.
The price may be correcting in wave ‘ii’ of (iii),
if this is correct we will see a rapid decline beginning tomorrow in wave ‘iii’ of (iii).
A decline below 1830 will signal this is underway.

We are operating in a pretty tight margin for error here.
The price should hold below 1867 at wave (ii) from here on out.
If the alternate count is actually correct,
then a break of that 1867 high will trigger that wave count.

Tomorrow;
1867 must hold.
Watch for wave ‘iii’ to drop sharply below 1830 to confirm the main count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am watching the formation of another ending diagonal in crude over the last few sessions.
The price is stepping higher and overlapping on each step as it goes.
This is indicative of a diagonal pattern,
and if correct,
we should not see much of a break above the previous wave ‘iii’ high to complete wave ‘v’.

Tomorrow;
Watch for wave ‘iv’ to hold as this choppy pattern continues.
Wave ‘v’ should break 53.93 this week to complete the larger pattern.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Wave ‘c’ of (v) is stumbling higher in the S&P also today.
Wave ‘c’ should trace out a five wave pattern to the upside also.

Given this suggested pattern,
we should see a further rally within a third wave of wave ‘c’ begin tomorrow.
And the overall rally in wave ‘c’ is expected to hit the 3900 level when complete.

Tomorrow;
Watch for wave ‘b’ to hold at Mondays low.
Wave ‘c’ should remain in force for most of this week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has created a smaller lower high today below wave (ii) blue.
This now counts as wave ‘i and ‘ii’ of (iii) to the downside.
And right now this pattern suggests tomorrow will bring a larger decline into wave ‘iii’ of (iii).
A decline below 25.00 again should confirm wave (iii) is underway.

Tomorrow;
Watch for 25.75 to hold and wave ‘iii’ of (iii) to fall below 25.00 again.