Good evening to one and all.

The Lord’s Blessing’s to you all again tonight.

Some interesting headlines over the last few days that caught my eye!

What If The Whole Point Is To End “The Fed Put”?

Meta To Cut More Jobs As Soon As This Week

Credit-Stock Spread Sends Flashing Alert Signal

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The minimum target for wave ‘c’ proved to be enough to top out that wave (b) pattern.
The market reversed pretty sharply today without hitting the suggested upper target.
This decline is impulsive enough to consider wave ‘i’ of (c) now underway.
Wave (c) should fall in five waves over the rest of this week.
with the minimum target for wave (c) of [ii] down near the 1.0280 level.
This level marks the 50% retracement of wave [i] green.
So there is still work to do here,
and today is just the start.

The alternate count for wave (B) is shown tonight also.
if the price fails to break 1.0531 at the wave (a) low tomorrow,
then I will have to consider that alternate wave (b) count.

Tomorrow;
Watch for wave ‘i’ of (c) to complete five waves down with a break of 1.0531.
Wave ‘ii’ should form a lower high below 1.0695.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Despite the unsatisfactory ‘look’ to that wave ‘1’ and ‘2’ pattern,
then market did turn sharply lower today into that possible wave ‘3’ of ‘iii’ count.
The bearish count is not confirmed yet for wave (iii) at one higher degree,
but we definitely took a big step towards confirming wave (iii) of [c],
and if this count is correct,
then we will see declines for the rest of the week with a likely target for wave [c] below 1.1400 again.

Tomorrow;
watch for wave ‘iii’ pink to contineu lower and complete five waves down in the area of 1.1600 as shown.
The wave ‘i’ low at 1.1914 should continue to hold.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The triangle idea for wave ‘iv’ seems to have won the day!
The pattern completed wave ‘e’ of ‘iv’ at 135.54 at todays low.
And now the rally into wave ‘v’ is underway to complete the larger wave (iii).
Wave ‘v’ of (iii) should trace out five waves up and complete above 138.00 again.

Tomorrow;
Watch for wave ‘v’ to continue higher as suggested.
once we reach that 138.00 area again then I will look for a corrective decline into wave (iv) as shown.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Mondays top proved to be the high that possibly closed out that wave ‘ii’ count,
I say possibly,
because the market has not actually broken to a new low below wave ‘i’ pink yet,
and so the confirmation of wave ‘iii’ of (i) will have to wait until we see a break of 32500 again.

But,
todays decline was exactly the type of action I was hoping for to break the back of that wave ‘ii’ correction
and begin wave ‘iii’ down.
And now we really do have the potential for a sustained decline into wave (iii) of [i].

If you take a look at the 4hr chart,
You can see that the 162% Fibonacci extensions of both wave (i) blue and wave ‘i’ pink both form a cluster target for wave (iii) in the area of 30500.
That low is may seem like a stretch right now,
but after a five wave decline into wave (iii) blue there is no reason why that area can’t be hit again.
We will know soon enough I suppose.

Tomorrow;
for the moment I want to see the lower high hold of wave ‘ii’ pink at 33575.
If that level breaks again,
then I will be forced to go back to the drawing board again for wave ‘ii’.

Watch for wave ‘1’ of ‘iii’ to complete near the wave ‘i’ low at 32500 again.
A break below the wave ‘i’ low again will signal wave ‘iii’ is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is close to breaking the wave the wave (a) low again tonight after a sharp and impulsive looking decline today.
The expectation is for wave (c) to continue lower in five waves over the coming week and into next week.
Wave ‘i’ of (c) is expected to break the wave (a) low at 1804 to complete.
If that happens,
then we will have confirmation that wave (b) is complete at the recent high.
And we can make some projections for the low of wave (c) of [ii] also.

I had a minimum target for wave [ii] set at the 50% retracement level at 1788.
But if todays decline is only wave ‘i’ of (c),
then we should see a final low for wave (c) of [ii] between 1747 and 1689 again.
That is the range between the 62% and 78.6% retracement levels.

Tomorrow;
The bearish pattern needs confirmation with a break of the wave (a) low at 1804.
Watch for wave (b) to hold at 1858.
Wave ‘i’ and ‘ii’ should form a lower high below 1858 over the next few days.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Well that alternate count I showed last night went from lurking in the background, to jumping right out front and center tonight!
The pattern that I was working on for wave [c] of ‘2’ over the last week has been dealt a fatal blow today.
That sharp decline today is impulsive looking to the downside,
and that comes after a pretty corrective grind higher into Mondays high.

I think now we can bring back in the more bearish count again,
and begin to work on the potential for a third wave decline in wave [iii] of ‘3’ again.

this new count has not been confirmed yet though,
only a break below the wave [i] low at 72.50 again will do that.
So there is work to do before I can be confident of this bearish count.

Tomorrow;
Wave [ii] must now hold at 80.97.
watch for wave (i) of [iii] to fall into the wave (b) lows at 73.85 again.
An impulsive decline into that area will favor this bearish count for sure.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P did not take quite as large a hit as the Dow today but the action is in line with the bearish count at the moment,
I am looking for much more downside,
but we can stick with the idea that wave ‘iii’ of (i) is underway here.

I am looking for a break to a new low below 3941 in wave ‘1’ of ‘iii’ to signal that wave ‘ii’ is complete and wave ‘iii’ is underway.

The larger wave (i) blue has a minimum target at 3760.
this level marks the wave (b) low of wave [ii],
you can see that best on the 4hr chart.

Now that level is the minimum target for wave (i),
ideally I would like to see a larger decline in wave (i) of [iii] with a low for wave (i) closer to 3600 again.
As I said before,
this is a good start,
but there is a whole lot of work to do here to confirm wave [iii] down is underway.

Tomorrow;
Watch for Mondays high to hold at wave ‘ii’ pink.
Wave ‘1’ of ‘iii’ should break below 3940 to add weight to this bearish count.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver hit a air pocket today and sliced right down through initial support at 20.40 again.
The pattern for wave (c) is now well underway here,
and I am looking for a five wave decline to complete in wave (c) near 19.80 or so.
That will complete three waves down in wave [iii],
and the ending diagonal pattern for wave ‘C’ red will be confirmed at that point.

Tomorrow;
Watch for wave (c) of [iii] to complete five waves down in the area of 1980.