Hi there all, I hope the day treated you well.
Its a financial war out there, And authorities are firing all cannons at this bubble to keep it growing.
Here are a few articles that point out the absurdity of the situation we are in.
https://www.zerohedge.com/markets/tesla-surpasses-netflix-becomes-worlds-most-valuable-junk-company
Just another day in the greatest economy every in the history of the universe!
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
I have been concentrating on that alternate count in EURUSD for the last week,
and now it seems that we have reached decision time.
The main wave count is less attractive now
after what seems like an impulsive move off the low at 1.0992.
The price has corrected off the high at 1.1095 into todays lows in a possible second wave.
If this is wave [i] and [ii] green as shown,
then wave [iii] green should break 1.1095 soon and continue to rally back above 1.1239 at a minimum.
Tomorrow;
Watch for 1.0992 to hold and wave [iii] to begin with a break of 1.1095.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable is up off the low at wave ‘b’ also today.
This small rise may well be the beginning of wave ‘c’ now.
And if we see a further rally tomorrow,
it will signal that wave ‘c’ is on its way up to the target area at 1.3283 at a minimum.
Tomorrow;
1.2943 must hold.
The initial target level for wave ‘c’ lies at 1.3208,
a break of that high will confirm wave ‘c’.
but I suspect wave ‘c’ will fill the trend channel before turning lower again.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY continued its rally in wave (i) today and broke out above the initial target level at 109.26.
The action is quite impulsive looking at the moment,
and this rally has retraced more than half of the decline in wave [ii] so far.
I have labelled this acceleration today as wave ‘iii’ of (i).
And wave (i) itself should push up towards 110.28.
Tomorrow;
Watch for wave ‘iv’ of (i) to correct slightly.
I would like to see wave ‘iv’ use 109.26 as support,
and then wave ‘v’ should rally out of that level again.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
Stocks went vertical today which is inline with the short term count.
This rally should prove to be a dead cat bounce in wave ‘c’ of (ii).
Wave (ii) has traced out a three wave pattern higher,
the price has hit the target area at the previous wave ‘iv’,
and this also marks the 62% retracement of the previous decline.
This action sure fits the bill of a second wave so far.
If the price turns sharply lower again tomorrow into wave (iii).
We should get a sustained decline over the next week or so.
Tomorrow;
We have hit the target area now and a beraish lower high is in place,
so watch for wave (ii) to top out very soon.
Wave ‘i’ of (iii) should fall back back below 28344 to signal that wafve (iii) has begun.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
The action in GOLD has been very frustrating over the last few weeks.
The high of wave ‘b’ kept pushing me into a false sense of security,
but todays decline has ruled out the bullish interpretation from last night now.
And it looks like wave ‘c’ of (iv) is underway,
and wave ‘c’ of (iv) will now hit support at 1535 again at least to complete the larger pattern.
Only a break of 1592 again will signal wave (v) has begun.
Tomorrow;
Wave ‘c’ should trace out a five wave decline into support.
The trend channel suggests a low for wave ‘c’ at 1513 on the lower end.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
This decline in crude is relentless.
The market has been brutalized now in wave [i] with another new low this evening.
But with every sharp decline, comes a relief rally – eventually.
Wave (v) of [i] still counts as an ending diagonal this evening,
the internal wave ‘iii’ of (v) has an extended three wave structure.
and todays new low is counted as wave ‘v’ of (v).
If we see a push back above 52 over the coming sessions,
that should indicate that wave [ii] has begun.
Tomorrow;
Watch for wave (v) of [i] to find a low soon.
Wave [ii] target remains at 54.35 to begin with.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The rally in the S&P has ruled out the previous count.
The price broke back above the 3300 level again this evening in wave ‘c’,
but this action does open up another possibility for wave (ii).
It is possible that wave (ii) is triple three combination wave.
Where each internal wave traces out a three wave form.
Wave ‘b’ of (ii) seems to be an expanded flat,
with wave ‘c’ of (ii) now complete as a regular flat.
Tomorrow;
This pattern requires the price to fall immediately tomorrow to begin wave (iii) down.
Wave ‘i’ of (iii) should fall back below 3233 again to signal wave (iii) has begun.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver is still holding a higher low above 17.37 this evening.
And so long as that is the case,
then I will stick with the bullish wave count.
Wave ‘ii’ has extended the losses to the downside today.
I am considering the possibility that wave ‘ii’ is an expanded flat correction.
If this is the case,
wave ‘ii’ should hold above 17.37
and wave ‘iii’ should return higher to break 18.09 again by tomorrow evening.
Tomorrow;
It is critical that 17.37 hold now.
Wave ‘iii’ up should begin overnight.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
Bonds fell today as a mirror to the rally in stocks.
The decline is not a five wave structure yet,
but if we see a continuation lower tomorrow to break through that price gap at 130.40,
then we might have a bearish pattern to work with.
I want to see wave (i) push lower into that 128 handle again before getting too hopeful.
Tomorrow;
Lets see if the price can fill the gap and accelerate through support.
This action will really help the bearish outlook.