Good evening folks, may the Lord of Hosts Bless you tonight.

https://www.zerohedge.com/markets/only-reason-be-bearish-no-one-bearish

https://www.zerohedge.com/markets/blowing-everything-bubble

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave [c] of ‘2’ has stopped short of the upper trend channel line today.
The price has backed off the highs this evening,
although the price has not turned into an impulsive decline yet,
we are surely close!

Three waves up in wave ‘2’ after a 5,3,5 pattern into the highs.
Where wave ‘2’ has retraced back into the midpoint between the 50% and 62% retracement levels.
The picture looks complete,
now we need some confirming price action to the downside.

Tomorrow;
Watch for wave [i] down to to begin before the end of this week.

Wave (i) of [i] should break 1.2090 to begin with,
and then a bearish lower high in wave (ii).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Waiting for a reversal in cable is turning into an exercise in futility these days!
The short term pattern has no change this evening apart from this wave ‘c’ high is extending.

I want to look at the daily chart for a minute.
The main count has been a triangle in wave (4) blue for the longest time.
This rally is wave ‘C’ of (4).
and the next leg is expected to be wave ‘D’ of (4).

As the price approaches the resistance in wave ‘A’ at 1.4380.
The more likely that we have an expanded flat correction underway in wave (4).
If we break that level,
then the pattern will be complete as an expanded flat correction,
and again I will be looking lower into wave (5) blue.

At the moment the market seems to be grinding towards that upper resistance at 1.4380.
So I will keep one eye on that level now.
If we dont see a reversal in the next session or two,
then this resistance will become the main target.

tomorrow;
I am still hunting for that initial decline to begin wave ‘D’.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has traced out a three wave decline into the session lows overnight last night.
the declining trend channel off the high is now filled,
and the price has popped off the low in an impulsive fashion today.
There are two valid interpretations here,
wave ‘2’ is complete and wave ‘3’ is now underway.
Or the three wave decline into the session low is only wave [a] of ‘2’.
In that case we will see another lower high in a few days time.

Tomorrow;
Watch for the low at 104.92 to hold.
Wave (iii) of [i] should break above the 106.22 level later in the week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Despite an early sell off which broke to a new low for the week.
The price has rebounded very well this afternoon and shrugged off all of the decline.

I am looking at todays lows as the completion of wave ‘iv’ again.
It seems that we have a 3,3,5 flat correction in place at the low,
and wave ‘v’ is now underway.
We should see a new all time high again this week as wave ‘v’ tops out.
And that will bring us to a point again where three waves up in wave [v] are complete.

It is frustrating to wait for a top to come in for sure,
but it is times like these,
when the frustration hits a peak in the contrarian,
that I find are most vulnerable to that inevitable turn!

Tomorrow;
Watch for that wave ‘v’ of (c) top to come in before the end of tomorrow.
The wave ‘iv’ low now becomes the initial support and signal line for a reversal to take place.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has not given up on yesterdays rally yet.
This price has been chopping around indecisively below Mondays high
without indicating if the top is in yet.
While the main count is still satisfactory for now,
the price can easily fall into a ranging pattern over the coming days to create a larger wave (ii) as shown.
The action off this level tomorrow will give us a hint as to where we go from here.

Tomorrow;
Watch for wave ‘i’ of (iii) to begin with push into 1770.
A break of 1760 again will signal wave (iii) is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Another frustrating market here too.
But all good things do come to an end as they say.

I have reviewed the short term pattern this evening in wave [v] green.
A five wave pattern is complete into the highs this week.
And today we see another reversal possibility.
There is no way of knowing f this is the in place until we see a break of the previous lows at 58.60.
When that happens,
then we can start building to the downside again.

Tomorrow;
Lets see if we can get a reversal going to the downside again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The short term count I have shown tonight is the last straw for the bearish potential here.
The rally this evening is in three waves.
And we are standing at a lower high again!
So we can easily call this a series of 1,2 patterns,
with the potential for a third of a third building again.

the wave (ii) high must hold for this interpretation to remain valid.

Tomorrow;
Wave [i] down is the real goal here.
A large five wave pattern lower to clearly shift the stance of the market to a new trend.

Lets see if wave (ii) can hold and wave ‘ii’ pink can top out below the 3930 level.
Wave ‘iii’ down should accelerate back below 3800 again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has dropped off the wave ‘2’ high over the last few days
and is on course to trace out a bearish impulsive wave lower as shown.

28.30 is the key level to watch at the wave ‘2’ high.
If that level holds,
and we see five waves down to break below 25.00 again,
then silver is in real danger of a sharp step lower into wave [iii] of ‘3’ over the coming week.
This wave should break below 24.00 easily.

Tomorrow;
Wave (ii) of [i] is underway this evening.
Watch for that wave ‘2’ high to hold overnight.
Wave [i] should break 25.87 before correcting higher in wave [ii].