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.

The action is still a bit messy,
but EURUSD turned lower today in line with a possible reversal into wave (c) of [ii].
The price has not broken initial support yet at 1.0787.
So I will wait for that to happen before making any big assumptions on the targets for wave (c).
If the count is correct,
then this weeks action should result in a clear impulse wave down in wave ‘i’,
and then a corrective lower high in wave ‘ii’.
We are not there yet so I must remain open minded on the possibilities here.
The alternate count will stay until 1.0515 breaks.

Tomorrow;
Watch for wave ‘i’ pink to continue lower and develop into a five wave pattern to break 1.0713.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

So far this wedge pattern lower is holding in wave ‘i’ pink.
The price traced out a small three wave correction higher overnight in wave ‘ii’.
and then we saw a spike lower today to to begin a possible wave ‘iii’ of (i).
I want to see a break of the wave ‘iv’ low at 1.2274 to confirm wave ‘iii’ is underway.
A break of the wave (a) high at 1.2200 again is the big target for wave (i) to achieve this week.
So lets see how this pattern develops over the next few sessions.

Tomorrow;
watch for wave ‘iii’ of (i) to continue lower in five waves to break 1.2274.
If the price manages to take out the previous pivot low’s that will rule out any bullish potential left in the wave setup.
1.2274 is the first target in that quest.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have labelled todays action as an acceleration higher in wave (iii) of [iii].
The price did break the wave [i] high again today which does favor the bullish wave count.
But that rally has not achieved enough to be certain of the count for wave [iii] yet.
What I can say is this,
the bullish count is out of the danger zone for now!
And as long as the pattern keeps developing to the upside,
then we are on track for this next leg up into wave (5).

Tomorrow;
Wave ‘iii’ should trace out five waves up and top out near 135.00.
The larger wave [iii] has a target at 137.20 where wave [iii] reaches 162% of wave [i].

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The correction sideways has held for another day and give that fact,
I am forced to concede that a new high is now more likely in wave ‘c’ of ‘ii’.

I don’t exactly like the form of the pattern in the latest sideways correction,
That correction no longer fits a fourth wave triangle very well,
So I am suggesting a possible truncated fourth wave.
This is not ideal at all.
but I will have to wait and see how the next few sessions play out to either confirm or deny this count.
Obviously a nice sharp move lower will suggest wave ‘iii’ is already complete
and that will confirm wave ‘iii’ of (iii).
It may be frustrating that wave ‘iii’ has not begun yet,
but I am pretty sure that is the next big development here.
It’s a matter of days away now.

Tomorrow;
Watch for wave ‘c’ of ‘ii’ to complete and then reverse into wave ‘1’ of ‘iii’ with a break of 32770.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has retraced off the top of wave (i) today and has fallen back into the price range of the previous wave ‘iv’ again.
This action does favor the idea that wave ‘v’ of (i) is now complete,
but only a break of the wave ‘iv’ low at 1949 again will confirm that idea.
Wave ‘a’ should break that wave ‘iv’ low to confirm the top of wave (i) and the beginning of wave (ii).

The week has started well,
but there is much more to do in order to confirm the correction into wave (ii) now.

Tomorrow;
Watch for wave ‘a’ of (ii) to trace out at least three waves down to break 1949.
This may take a few days to achieve,
so patience is required here too!

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The triangle wave (iv) for crude oil has broken today also.
There is a good chance that this correction in wave (iv) is still underway though.
I am now looking at a complex correction with wave ‘b’ of (iv) forming the triangle,
and now wave ‘c’ of (iv) drop towards 78.50 again to complete three waves down.
That will bring wave (iv) back into the gap created in wave (iii).
Wave (iv) must complete in that gap,
and then wave (v) of [c] will be set to rally again back above 82.00 again to complete five waves up.

Tomorrow;
Watch for wave ‘c’ of (iv) to complete near 78.00.
Then wave (v) should turn higher again by midweek.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is holding below the recent wave (ii) high again tonight.
I am looking at a possible wave ‘2’ of ‘i’ lower high.
But we really need to see a sharp drop tomorrow into wave ‘3’ of ‘i’ to break the back of this corrective action
and begin the next leg down into wave ‘i’ of (iii) as shown.
I want to see wave ‘i’ pink trace out five waves down this week and break below the 3900 level again.

Tomorrow;
Watch for wave (ii) to hold again.
the market must turn lower into wave ‘3’ of ‘i’ before the end of the session tomorrow.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Another flat trade today in silver and I am looking at a possible complex wave in wave (iv) also tonight.
The pattern sideways has not quite completed a triangle correction,
but it does not have to either.
If the price breaks above 25.12 again tomorrow that will signal wave ‘v’ is underway.
The high of wave ‘v’ should not extend much higher than the wave ‘iii’ top as we have already had an extension in wave ‘iii’.
So I am expecting a short pop above wave ‘iii’ to complete the pattern,
and then a quick reversal into wave (a) of [ii] before the end of this week.

Tomorrow;
Watch for wave ‘iv’ and ‘v’ to complete the pattern in wave (v) by midweek this week.
Wave (a) of [ii] should fall back into the wave (iv) low at 23.50 again with ease.