Good evening to one and all.

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

I am starting this week with the updated COT report for Silver from last Tuesday.
These new highs are even more pronounced than in the gold market.
The divergence between Money managers and producers has now reached the extreme again.
These levels were last seen in December last at the highs.

The last cycle high to cycle high took 9 months.
And this time the journey took 5 months.
I think that shows how compressed this market is here.
How quickly we go from absolute bearishness to outright bullishness.
That time has halved in just one year!
Talk about a schizophrenic market!

As if you don’t know already,
this is not health in any way.

And I think it speaks to how leveraged the market is to the short term thinking.
just look at the end of day option mania,
now that’s short term thinking.

I know for sure that this will not end well.
Because short term thinking never ends well.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I know this period of calm will come to an end once this (b) wave high tops out.
The question is,
how much farther has this pattern to go here?
The price is holding off the recent highs,
but the price action is still stuck within that rising wedge formation today.
Only if the price breaks down out of that wedge pattern,
then I can begin to work on the turn down into wave (c).

Tomorrow;
The possibility remains that a top is in for wave (b),
but the price must turn lower to trace out five waves down to confirm that idea.

Watch for wave ‘i’ of (c) to break 1.09 as the signal that turns the tide here.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price reversed under the uppert rend line of the wedge again today.
This doesn’t prove the pattern,
but it does add weight to that pattern at least.

It remains to be seen if this top is the final high for wave ‘A’ now.
And just like EURUSD,
the price must break down out of this pattern to signal wave ‘B’ has begun.

Tomorrow;
Watch for wave (i) of [a] of ‘B’ to turn lower and trace out five waves down to break 1.2435 again.
Once that happens.
Then we can make some projections on where we go from here.

Wave ‘i’ and ‘ii’ must form a lower high in the next few sessions.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am tracking a possible wave (ii) correction higher after a small sideways pattern formed today.
Wave (ii) should trace out three waves up,
and wave ‘b’ of (ii) has formed a higher low today.
If this pattern proves correct,
then wave ‘c’ of (ii) should complete three waves up tomorrow as shown.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete in the area of 136.00 again.
Wave (ii) should then top out,
and wave (iii) down will be set to turn lower again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has now touched the 62% retracement level of last weeks fall.
Its decision time for this short term pattern now.
If this is a second wave lower high,
then we will see a sharp reversal beginning tomorrow to take the price back below 32900 again and most likely lower as wave ‘iii’ extends.
So I am asking a lot of this market here.
I want the bearish pattern to assert itself again by falling impulsively and breaking support.
So this short term pattern is about to be judged!

I would like to see tat wave ‘iii’ decline break the wave ‘i’ high at 32760 again.
That would be further confirmation of this idea.

Tomorrow;
Watch for wave ‘iii’ of (i) to turn lower again to break 32760 again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The main pattern I am looking at for wave (i) down is still with us today after a mainly flat trade.
The decline off the high has not traced out five waves down yet.
But the possibility remains open.
If the price drops again tomorrow towards 1976 again that will complete five waves down and then we will have a pattern to work with again.
Ideally,
wave (i) should break 1976 to put an end to that uptrend.
And it looks like tomorrows session will decide on this main pattern here.

Tomorrow;
Watch for wave ‘v’ of (i) to complete this initial impulse wave lower as shown.
The next lower support lies at 1950,
a break of that level would pretty much confirm the turn here.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We have a possible three wave pattern higher in place today in wave (iv).
Now we are back in the perfect top out zone for this fourth between 72.00 and 76.00.
If the price break the wave (i) low at 76.66 again that will invalidate the wave (iv) count.
And I will switch to that alternate count in red.

It would be ideal if the price turned lower impulsively starting tomorrow.
And then wave (v) of [i] will fall in five waves to break 64.00 again and complete the full five wave pattern in wave [i] green.

Tomorrow;
Watch for wave (i) to hold at 76.66.
Wave ‘i’ of (v) should break 70.00 again and hold below the wave (iv) level again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Its a 50/50 split between the main count and the alternate count here tonight.
The rebound off last weeks lows has now retraced 62% of the decline.
And the price has not shown much signs of turning back down again yet anyway.
Obviously I would love to see the bearish pattern get confirmation with another impulsive decline,
but I can’t guarantee that tonight.

If the price does make a new high as per the alternate count.
Then wave (c) has simply traced out a larger five wave pattern.
That will postpone the reversal into wave (i) for a week maybe.

Tomorrow;
Watch for wave (i) down to be confirmed with a turn lower in wave ‘iii’ pink.
A break of the wave ‘i’ low at 4046 again will favor the wave (i) count.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is holding that lower high also tonight so the possibility of a reversal remains.
Wave (i) was a nice sharp impulsive drop.
and now wave (ii) is working its way higher in three waves.
I have shown wave ‘a’ and ‘b’ complete at todays lows.
and wave ‘c’ of (ii) should turn higher again to complete three waves up tomorrow.

Tomorrow;
The high at wave ‘1’ must hold.
wave (ii) will complete a lower high after a three wave correction higher.
Wave (iii) of [i] should then turn lower again to break the wave [iv] support at 24.60 later this week.