Good evening folks, And shalom to you all tonight.

Some headlines to note today.

JPG File Sells for $69 Million, as ‘NFT Mania’ Gathers Pace.

More than half the companies in Cathie Wood’s five popular exchange-traded funds at ARK Investment Management LLC were unprofitable in their latest year,

Cash-Out Refinancings Hit Highest Level Since Financial Crisis

Nothing new in the everything bubble.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price extended higher again today and this is a little disconcerting with regard to the main count.
I am still expecting a decline into wave (iii) of [iii] as the most likely outcome here.
But if the price continues higher tomorrow and threatens 1.2114,
then I will have to consider the alternate wave ‘2’ blue as shown circled in red.

We are not there yet,
but I want to put that count out there as a possibility.

Tomorrow;
three waves up into the current highs suggests that this rally is still a correction higher.
The price has retraced above 50% of wave (i) now,
so wave (iii) of [iii] is now on the cards.

Watch for a drop back into the trend channel to signal wave (iii) has begun.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have altered the wave count to show a larger wave (i) and (ii) scenario now developing.
The action over the last few days is about as corrective as you can get!
But the price has refused to top out in wave (ii) yet.
We are approaching the 50% retracement level of the decline today,
and that level also coincides with the previous fourth wave high at 1.4015.

Tomorrow;
Watch for this three wave correction in wave (ii) to close out near the 1.40 area and reverse into wave (iii) down.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The pattern in wave [iv] is moving along quite reasonably this week.
Wave [iv] is still developing to the downside today
and it looks like we will see a low with a break of the 108 handle to complete this pattern.
The sideways action this week is now viewed as wave (b) as a triangle.
And wave (c) is falling out of that triangle today.

Tomorrow;
Watch for wave (c) of [iv] to close out at the 108 level.
A rally back above 108.70 will be enough to signal that wave (i) of [v] has begun.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

If we look at the 4hr chart tonight first.
I have shown the alternate view on wave ‘5’ blue here.
Wave [i] is still the longest wave,
wave [iii] and [v] are decreasing in size which fits the ending diagonal form also.
The price has broken above the upper trend line of the diagonal this week.
So the pattern is done as far as this alternate wave ‘5’ is concerned.

Back to the short term pattern.
Wave (c) of [v] has now reached the upper trend line at todays highs.
And wave (c) has a clear five wave structure.
There is room for wave (c) to reach up to the 32940 level where wave (c) of [v] will reach equality with wave (a) of [v].

Tomorrow;
Wave ‘v’ of (c) does have a five wave structure also complete at todays highs.
It looks like this pattern is now done with not much room on the upside.

Watch for wave (c) to complete tomorrow.
This weeks rally will be met with a greater selloff to pop this bubble.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has traced out a three wave pattern into the high today at 1740.
The top today also coincided with the previous fourth wave high at 1740.
This three wave correction in wave [iv] is small when compared to the corresponding wave [ii] correction,
so I am wary that this correction in wave [iv] may well extend sideways into a triangle over the next few weeks.
And that would bring the patterns into line in terms of relative size.

The alternate count for this high is that we are now only topping out in wave (iv) of [iii].
and the next move lower will be wave (v) of [iii].
This count would add weeks to the completion date of the correction in wave (4).
So we will have to wait and see on that one.

Tomorrow;
Watch for wave (i) of [v] to get underway with a drop below 1700 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has traced out three waves up into todays highs.
And this action does suggest wave (ii) is complete now.
A drop back below the 63.00 low at wave (i) will confirm wave (iii) has begun.

Tomorrow;
Wave (ii) must complete tomorrow below the recent high other wise I will have to go back to the drawing board on crude oil altogether.
So it really is crunch time here.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is close to a new all time high this evening.
We will likely see a break to a new high by the end of the session.

The pattern in wave (c) is pushing towards the upper trend channel line surrounding wave [v] also today.
Wave (c) is close to equality with wave (a) of [v].
That Fib target for wave ‘5’ is also looming large above us now also.
This comes in at 3990,
so watch that level as a possible reversal point.

Tomorrow;
Watch for wave (c) to reach its end in the next couple of trading days.
Wave ‘v’ of (c) has not quite traced out five waves up just yet,
so that will carry us up to that target level.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has traced out a three wave rally into todays highs at 26.44.
The price did not quite hit the 50% retracement level of wave [i] at the high,
but we are within spitting distance as they say!

After filling the channel in wave [ii],
the price then reversed lower this evening.
We will see if this develops lower tomorrow and traces out five waves down in wave (i) of [iii].
If this short term count is correct,
then we will see an acceleration lower into wave [iii] next week.
Wave [iii] will be confirmed with a break of 24.80 again

Tomorrow;
Watch for wave (i) of [iii] to continue lower.
Wave (ii) should form a lower high below 26.44 by Monday evening at this rate.