Good evening to one and all.

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

65% downside day with an average decline of -1.34%. $MSFT, $AMZN, and $GOOG are the only companies holding up the $SPX right now.

Market-cap distortion at its finest.

https://twitter.com/bullwavesreal

EURUSD.

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EURUSD daily.

The pattern made some progress lower today after that initial spike off the cpi data release.
The pattern of Tuesday lows is in three waves into the high today.
and now we have a drop back off todays highs again.

The idea of a developing wave ‘i’ down is still in play here but again we live another day without the confirming move into wave ‘3’ of ‘i’.

Tomorrow;
Watch for wave ‘2’ to hold at 1.1052.
wave ‘3’ of ‘i’ will be confirmed with a break of 1.0939.

GBPUSD

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GBPUSD daily.

Another day wasted going nowhere!
Cable actually reached a very slight new high with that spike rally.
But the market is closing back at flat on the day this evening.
Again we have another opportunity to see if wave ‘i’ of (i) will turn lower in five waves as shown.
The decline in wave ‘i’ should retrace most of the previous wave ‘v’ rally.
So that remains the outlook for the rest of the week.

Tomorrow;
Wave ‘i’ down will remain my focus for the rest of this week until proved otherwise.
The pattern into the recent highs is a solid expanding wedge,
so there is no reason to question that idea yet anyway.

USDJPY.

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USDJPY daily.

USDJPY has traced out a very unusual and stunted rise into that wave (ii) high early today.
There is a possibility that wave ‘c’ of (ii) completed a wedge pattern into the high,
I can’t be sure on that at all though.
Overall the wave (ii) retracement has completed just below the 50% retracement level.
And todays decline is in line with a possible drop into wave ‘i’ of (iii).
If the price breaks below the wave (i) lows at 133.48 again that will signal wave (iii) is underway.

Tomorrow;
Watch for wave ‘i’ of (iii) to break the wave (i) low at 133.48 to signal this count is correct and wave (iii) is underway.

DOW JONES.

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Todays action is reasonably in line with last nights wave count calling for wave ‘iii’ to begin.
But,
I have introduced another possible interpretation for wave ‘ii’ this evening.
It is a more classic three wave pattern in wave ‘ii’.
In this scenario todays low completes wave ‘b’ of ‘ii’,
and wave ‘c’ is now underway off todays low.
Wave ‘c’ should rally back above 33800 to complete three waves up in wave ‘ii’.
and then the market will be setup for a reversal into wave ‘iii’ of (i).

If the market drops sharply again tomorrow to break 32930,
that will favor the previous idea for wave ‘iii’.

Tomorrow;
Watch for wave ‘ii’ to complete with another break above 33780 at wave ‘a’.
Wave ‘iii’ down could begin by tomorrow evening even in this scenario,
but we will see how the pattern unfolds.

An early turn lower tomorrow will favor the alternate wave ‘ii’ count again.

GOLD

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GOLD daily.

Gold popped to a new lower high today but those gains were given up again this evening.
The price action into todays highs is looking corrective so far.
And the small reversal this evening is a first signal that wave ‘iii’ is coming.
The confirmation for wave ‘iii’ comes with a break of 1976 again,
and if wave ‘2’ of ‘iii’ is complete at todays highs,
then we can expect a sharp drop tomorrow into wave ‘3’ of ‘iii’ of (i).

Tomorrow;
Watch for the price to fall below 2000 again as the initial signal that wave ‘3’ is underway.
2059 at wave ‘2’ must hold.

CRUDE OIL.

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CRUDE OIL daily.

The crude oil trade was quite weak today with a slight new high into wave ‘v’ of (c).
But the action does not signal wave (c) is complete yet even if the price dropped off again this evening.
There may be a more complex pattern underway in wave ‘iv’ to explain this action.
We will see tomorrow on that one.

Tomorrow;
Watch for wave ‘v’ of (c) to conclude and turn lower to begin wave (i).
If the price does indeed turn lower to break 70.00 again that will favor the idea that wave (i) of [iii] is beginning.

S&P 500.

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S&P 500 daily.

It is proving to be quite a challenge this week to say anything of any real substance when the market is bound in such a tight range.
I tend to keep repeating myself in these situations and I suspect that is quite boring for you folk’s!

Essentially I am waiting for a drop below 4046 again to favor my main wave count here.
Wave ‘iii’ is then free to fall towards 3900 over the following few sessions.
That has not happened yet.
So as long as the market remains range bound without a new high or a breakdown into wave ‘iii’,
then I am stuck looking at the same options for the short term pattern.

Outside the market,
the recession red lights keep flashing and the wider public remains oblivious to the reality here.
The shoe will drop eventually,
and then it will be too late to get out.
Some things never change.

Tomorrow;
Watch for this wave ‘iii’ idea to be confirmed with a break of 4046 again.

SILVER.

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SILVER daily.

Three waves up to a lower high did complete today at wave (ii) blue.
and the reaction lower this evening is a pretty good indication that wave ‘i’ of (iii) is now in force.
This pattern suggests wave (iii) down will continue for the rest of this week in five waves.
and if this pattern is correct,
then silver will break below 24.50 over the coming days to complete wave (iii).

Tomorrow;
Watch for waves ‘i’ and ‘ii’ to complete another lower high before turning down into wave ‘iii’ of (iii) later in the week.