Good evening to one and all.

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

You know I hate having to point out obvious contrarian headlines,

but when I see them I just can’t help myself.

This is a clear example of a headline marking a high!

The Case For Gold Is Looking Stronger

Additional G4 central bank interventions causing a further increase in central bank balance sheets could be beneficial for gold…

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is holding that lower high again today in wave ‘ii’ pink.
This bearish pattern for wave (c) down is holding for the moment,
but I want to see a solid decline begin tomorrow into wave ‘iii’ of (c) in order for this pattern to remain valid.
A break below the wave ‘i’ low at 1.0713 again will confirm wave ‘iii’ is underway.

Tomorrow;
Its a repeat of last night I konw!
But I want that wave (b) high to continue to hold,
and wave (c) to take over with a sharp decline in wave ‘iii’ of (c).
The minimum target for wave (c) lies at 1.0515.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable actually broke out of last nights pattern with a break above 1.2342 again today.
This fact has not invalidated the larger wave count for wave [b] though.
It simply means that I gotta wait a little longer for wave [c] to begin.

The pattern for wave (c) of [b] now shows a variation of a five wave pattern.
And I have marked the wave ‘iv’ low at 1.2189 as the level to signal that wave (i) of [c] is underway.

Tomorrow;
Watch for wave ‘v’ of (c) to top out and reverse into wave (i) of [c] over the next couple of days.
Wave (i) should fall back into the 1.20 area again in five waves.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is acting as a mirror to EURUSD these days.
The price is holding a higher low above 129.66 in a possible wave (ii) blue,
the price must rally back above 133.02 again at wave (iv) in order to confirm the count.
So at the moment we are awaiting confirmation of the pattern,
the potential for a rally into wave [i] is there,
but I’m afraid patience is required here.

tomorrow;
Watch for wave (ii) to hold above 129.66.
Wave (iii) of [i] must continue higher as suggested.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market is weaker than expected today as we wait for this pattern to comeplete in wave ‘2’black.
The market has fallen in three waves off Mondays top so far,
so this action can be viewed as a small corrective decline within this final rally of wave ‘2’.
At the moment I am going to stick with the main count for wave ‘2’ and expect a pop above 32770 again to close out wave ‘2’.

Now,
If this decline continues and accelerates tomorrow to break the wave ‘1’ low again at 31430.
then I will have to change back to the previous wave count from Fridays night for wave ‘3’ of ‘iii’.

I know that I am a little on the fence here regarding this short term pattern,
but I need the action to confirm the pattern before making projections on how this pattern progresses.

Tomorrow;
I am going to say we need to wait and see which pattern the action chooses here.
The early action tomorrow will decide where we go here.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

We have a reasonable three wave corretion higher in place today for wave ‘2’ black.
The wave count for wave ‘c’ remains valid,
and I can expect wave ‘c’ of (ii) to continue lower in a five wave pattern as suggested.
If wave ‘2’ of ‘c’ is now complete,
then wave ‘3’ of ‘c’ is ready to turn lower early tomorrow.
The minimum target for wave ‘c’ lies at the wave ‘a’ low at 1933 again.
Although I favor a drop into the 62% retracement level at 1883 again.

Tomorrow;
Watch for wave ‘c’ of (ii) to continue lower and break 1933 at a minimum.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I have changed the wave count tonight after considering the size of the rally off the recent lows.
The recent rally is still viewed as a correction higher in three waves.
But the pattern is now viewed as wave [ii] green rather than the previous wave (iv) blue from last night.

It is best to take another look at the 4hr chart to get a better picture of my thoughts here.

Wave ‘2’ blue is now set at the early march highs at 81.00.
From that high we had a nice five wave decline into wave [i] of ‘3’.
And this correction higher is now wave [ii] of ‘3’.

This pattern still calls for a sharp decline into wave [iii] of ‘3’ over the coming few weeks.
And wave [iii] should break the 60.00 level again to complete.

Tomorrow;
Watch for this correction higher in wave [ii] to top out over the coming few sessions.
There is already enough done to consider wave [ii] complete.
I have shown a possible five wave pattern in place for wave (c) of [ii].
The rally has almost hit the 62% retracement level of wave [i] at todays highs,
And because of that,
I can suggest the top is very close by for wave [ii] now.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am going to hold off on making any major projections for the S&P also tonight.
the action is not moving in favor of the main count yet,
but I can argue the same for the alternate wave ‘ii’ count also.
At this point I am going to have to wait for the market to choose here,
a drop below wave ‘b’ at 3868 will be enough to signal wave ‘3’ is underway.
While a break above 4040 again will signal wave ‘ii’ is still holding on for another few days.

Tomorrow;
So thats where we stand tonight.
the market must decide between an immediate wave ‘iii’ collapse.
or another few days to complete a more complex correction.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has retraced quite high into the wave ‘a’ decline today.
And the count is pretty simple here,
wave ‘b’ must top out here and reverse into wave ‘c’ early tomorrow to save this wave count.

The 4hr chart shows a sustained bearish divergence on the momentum indicators.
This fact actually projects a large decline is coming sooner rather than later in this second wave correction.

It seems that patience is the theme of tonights update!
And I must repeat myself in this market also.
A correction is coming in a second wave.
We will see the results play out over the next week.

Tomorrow;
watch for wave ‘c’ of (a) to break 22.80 again to confirm this pattern.