Good evening folks, And shalom to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The relief rally came in today in EURUSD after reaching the lower trend channel line last night.
This rally is labelled as wave (iv) of [iii],
and we should see either a three wave correction into the upper trend line,
or a triangle holding pattern develop over the next few sessions.

Tomorrow;
Watch for three waves up in wave (iv) to push into 1.1950.
Once that is achieved,
I will be looking lower again into wave (v) of [iii].

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has reached the upper channel line in wave ‘ii’ pink this evening.
The price has traced out a three wave correction higher off the wave ‘i’ low,
with an internal triangle as the ‘b’ wave in that pattern.
I do expect to see the price now reverse into wave ‘iii’ down over the next day or so.
but just in case,
the upper end of this wave ‘ii’ correction must hold below 1.4016 at the wave (ii) high.
If the price falls back below 1.3778 again,
that will signal wave ‘iii’ is underway.

Tomorrow.
Watch for wave ‘ii’ to complete within the trend channel preferably,
and wave ‘iii’ down to begin with a push below 1.3778.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has fallen today in three waves off the wave [iii] high.
this action suggests wave [iii] is done,
and wave [iv] down is beginning.

This initial decline is labelled wave (a) of [iv],
with wave (b) and (c) left to complete.
The initial target for wave [iv] lies at the 108.00 area at the previous fourth wave low.

Tomorrow;
watch for wave (a) to complete overnight and wave (b) to rally in three waves to a lower high by tomorrow evening.

I want to see wave [iv] complete this week and wave [v] begin again next week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Three waves up in the early trade suggests that we have a flat correction underway in wave ‘iv’ of (c) today.
This should give way to a rally in wave ‘v’ of (c) tomorrow or Thursday.
It looks like we are on target to complete this pattern by the end of this week also.
And as usual,
I am looking for this pattern in wave [v] of ‘5’ to end with a bang in wave [i] down.

There is a level of blindness to risk in the market now that is simply mind boggling.
We really have reached a point where none can even contemplate a bear market,
ironically we have reached this point while we are in reality now moving swiftly into a depression scenario on the ground.
The market is utterly detached from reality!

Companies are not bought due to good prospects,
there are bought because they are going up.

Companies do not need to make a profit to stay afloat,
they just hype themselves up as a disrupter and the cash flows inward.

A good economy is one where the govt can borrow and spend exponentially larger amounts of cash,
Not a stable or improving job market,
where people can work to provide for themselves and build a life…..
Noooooooooo,
what a quaint idea.

Shuttered streetscapes and a retail disaster-zone are a picture of potential not reality.
Unemployment is a lifestyle now and not a road to ruin and spiritual decline.
Hey,
you could always tokenize your despair and launch it on an exchange!

Tomorrow;
Wave ‘v’ is immanent.
Wave (c) is almost down.
Watch out,
reality is knocking on that door again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I know that we are almost there in this wave (4) correction,
and we came close to the final low this week,
but I do think we have one more decline below 1650 again to finish wave ‘C’ and wave (4) before we start looking into a long term rally again in wave (5).

Todays rally is viewed as part of a three wave correction higher in wave [iv] green as shown.
Wave (a) is almost done at todays highs,
and wave (b) should drop to a higher low above 1676 over the coming days.
Wave [iv] might run into next week depending on how the pattern develops so I will just be patient on this one.

But next week could well bring that final low in wave [v] of ‘C’ of (4) that we have long waited for.
I think that low will be worth waiting for!
And wave (5) up should be a real doozy!

Tomorrow;
Watch for wave (b) to correct lower to a higher low over the coming days.
Wave [iv] itself should carry up to the 1740 area to complete at that upper trend line.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil is lower again today after a brief three wave upside correction overnight.
this pattern fits well as a (i) (ii) impulse wave lower.
With wave (iii) down now underway.
Wave ‘i’ and ‘ii’ of (iii) should create another lower high tomorrow,
and wave ‘iii’ of (iii) should retrace a large % of last weeks rally.

Tomorrow;
Watch for wave ‘ii’ to hold below the intraday high at wave (ii).

The main support lies at last weeks lows at 59.00,
a break of that low will spell an end to this crude oil honeymoon in wave [4].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has pushed higher enough today to rule out the bearish count and trigger the alternate count for wave [v].
The rally this week is occurring in wave (c) of a three wave rally in wave [v] as part of that long standing ending diagonal wave ‘5’ blue.

The trend channel for wave [v] suggest a top in the area of the Fib level shown above
This is where wave ‘5’ reaches 162% of wave ‘1’ blue.
This is also where wave (c) reaches equality with wave (a).

The rally off the low at wave (b) is a little convoluted at the moment.
A five wave rally in wave (c) suggests that we will see another acceleration in wave ‘v’ of (c) this week.
and that should bring us into the target area.

Tomorrow;
Wave ‘iv’ of (c) has traced out a triangle today and wave ‘v’ has broken out of that triangle this evening.
If wave ‘v’ of (c) is now underway,
then We will see a continuation higher in five waves tomorrow to reach that target area at 3990 before the end of this week.

The alternate count is low probability now, but still possible!
May this market will give up the ghost sooner than expected!

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has corrected higher in three waves into todays high.
The pattern filled a trend channel very nicely indeed and now the price is falling off the high as I write.

I have changed the pattern slightly this evening to show a larger wave [i] in green at the recent lows.
this is wave [i] of ‘3’ of (C),
So according to this count there is a way to go in silver before we complete the large degree wave [2] as shown on the daily chart.

If wave [ii] is complete at todays high,
then wave [iii] down must now begin and we should see a drop back below the wave [i] low at 24.80 very soon.
Wave [iii] down should be well underway by the end of this week for sure.

Tomorrow;
A drop below 25.00 tomorrow should signal wave (i) of [iii] is underway.
Watch for wave (i) of [iii] to push into the 24.80 level.