Good evening to one and all.

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

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I think we may have a very tight three wave pattern complete this evening after another step higher today.
The internal pattern of this rally fits the 3,3,5 flat correction pattern.
And so tonight’s highs may well mark the end of wave (b) blue.
the price is holding at the 50% retracement level of wave (a).
And if wave (b) is now done,
then we should see a sharp reversal into wave ‘i’ of (c) sometime tomorrow.

Tomorrow;
Watch for wave ‘c’ of (b) to top out and reverse into wave ‘i’ of (c).
A break below 1.06 again will signal wave ‘i’ of (c) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price has fallen far enough off that wave [b] high today to suggest that wave [b] is complete at Monday’s highs.
Wave (i) of [c] is not confirmed yet,
only a break of the wave (b) low at 1.20 again will do that.
But I am now looking for a five wave decline in wave (i) to take over.
The initial target for wave [c] lies at the wave [a] low of 1.1800 again.

Tomorrow;
Watch for wave [b] to hold at 1.2283.
A break of 1.2000 again will confirm wave (i) of [c] is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The current pattern for wave [c] suggests one more low is required for this ending diagonal to complete.
The wave (ii) high at 133.82 must hold for this pattern to remain valid,
so that level is key to the short term pattern.

If this bounce manages to break above the wave (ii) high,
That will be enough to signal wave [i] of ‘3’ has begun.

We are close to that turning point into wave ‘3’ I think,
but I will need to see more upside to confirm it.
For the moment,
the main wave count for wave [c] of ‘2’ holds.

Tomorrow;
Watch for wave (v) of [c] to fall below 130.53 for one last time.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market is stuck at this lower high again tonight in wave ‘2’ of ‘iii’.
The price is holding above the 50% retracement level of wave ‘1’,
and within reach of the 62% level at 32730.
It seems that level will be too attractive not to hit before completing wave ‘2’.
So it seems wave ‘3’ will just have to wait for another day.

The market will be hanging on to every word that drips out of Jerome Powell’s mouth tomorrow,
so there is a possibility that we will see a real whipsaw trade as the Fed does its thing!
I still favor the bearish impulse pattern on the hourly chart,
so it is a make or break day tomorrow to either confirm or invalidate wave ‘3’ of ‘iii’ down.

Tomorrow;
Watch for that wave ‘2’ high to hit and reverse off the 62% retracement level.
Wave ‘3’ of ‘iii’ will be confirmed with a break of 31428.
33570 must hold.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has dropped in a nice three wave pattern off that wave (i) high so far today.
I was suggesting the 1940 area as a target for wave ‘a’ down,
and now we are here it seems wave ‘a’ should find a low pretty soon.
The triangle wave ‘iv’ low comes in at 1913,
so I think wave ‘a’ will complete above that level.
Wave ‘b’ of (ii) should track sideways in a corrective manner tomorrow.
WAve ‘b’ should top out close to 1970,
and then wave ‘c’ down will be left until later in the week.

The gold market, like most markets,
will likely trade wildly for a while as the Fed speaker tip toe’s carefully around on stage speaking a whole lot,
without saying anything at all!
I will not enjoy looking at the market as this charade is going on,
but I am hoping the waves counts stay intact and we can get on with completing this higher low by the end of this week.

Tomorrow;
Watch for wave ‘a’ and ‘b’ to complete a lower high near 1970 as shown.
A drop below 1900 again will bring us close to a final low for wave (ii).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am still suggesting the action today is part of a larger three wave correction in wave (iv) blue.
Today’s trade managed a new high at the previous wave ‘iv’ top.
This high is labeled wave ‘a’ of (iv) now.
And wave ‘b’ of (iv) should turn lower in a similar corrective manner.
Wave ‘b’ should hold ave 65.00 again tomorrow,
and then wave ‘c’ is left to complete the correction later this week.

Tomorrow;
Wave (iv) is moving along reasonably well but we are still quite early in the pattern at the moment.
Overall this week’s trade should remain quite sideways and choppy.
Watch for wave ‘b’ to fall again in three waves tomorrow.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The rally again in this market has forced me to rethink the pattern for wave ‘i’ and ‘ii’ pink.
Last nights pattern has not been invalidated yet,
but the retracement off the recent lows has gone far enough to suggest something else is happening here.

If we take a look at the 4hr chart you will see what I mean.
Tonight’s highs have reached back to the 200 ma on the 4hr chart.
And also,
The high has just broken above the 50% retracement level of the whole decline off wave [ii] green.
These are all common targets for a corrective retracement.

If the price tops out in a second wave now,
and then falls back again into wave (i) of [iii],
that will form a very neat head and shoulders pattern around that wave [ii] high.
All this action suggests we are looking at the top of wave ‘ii’ now.

On the hourly chart you can see the rally into this high is very corrective in nature.
The highs this evening has closed out the trend channel off the lows.
And I am suggesting a complex flat correction in wave ‘ii’,
with a running flat wave ‘b’ of ‘ii’.
WE will see how this pattern fairs out tomorrow.

Tomorrow;
Watch for wave ‘ii’ to find resistance between the 50% and 62% Fibonacci levels.
Again I am a little apprehensive on how this pattern will work out tomorrow given the Fed decision.
A nice sharp drop will signal wave ‘1’ of ‘iii’ is underway again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

There is no major change tonight for the silver pattern.
There is a possibility that wave [i] has topped out now.
It seems that today’s small decline may have begun the larger wave (a) of [ii].
I will need further downside tomorrow in order to confirm this pattern though.
Three waves down in wave (a) should hit the 21.70 area.
And then wave (b) will begin off that level.

Tomorrow;
Watch for wave (a) to complete three waves down in the area of 21.70.