Good evening to one and all.

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

You could say that a lot happened today and nothing at the same time.
On the whole,
the main patterns are working reasonably well, with the exception of crude oil.
But even that market will settle back into the alternate count pretty soon.
So,
this may be a boring and repetitive update tonight.

Maybe I will think of a joke to tell later to keep you interested!

Anyway,
on with the show!

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD made an attempt to turn higher into wave ‘c’ of ‘ii’ today,
but so far the price has only managed a double bottom on the hourly chart.
The main count remains valid as an expanded flat correction in wave ‘ii’.
And I am waiting for wave ‘c’ of ‘ii’ to rally back above 1.0831 to complete the pattern.

Tomorrow;
Wave ‘c’ has got to get going tomorrow to bring this corrective pattern to a close.
The target range for wave ‘c’ is between 1.0831 and 1.0924.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am torn between two ideas here for wave (ii) – as usual!

The main count calls wave (ii) complete at Tuesdays high of 1.2468.
And todays decline is the initial move lower into wave ‘i’ of (iii).

The alternate count for wave (ii) is an expanded flat correction.
And todays low is now completing wave ‘b’ of (ii) after a three wave decline.
Wave ‘c’ is left to rally back towards 1.2500 again to complete the pattern.

I think its a 50/50 call on these two patterns here.

Tomorrow;
Wave ‘i’ of (iii) should complete soon and then correct higher to the 1.2420 area.
Wave ‘iii’ of (iii) should then accelerate lower over the next few days.

A break above 1.2468 again will trigger the alternate count for wave (ii).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY hit a new high above 139.00 today and that should complete wave (i) of [iii] now.
We should now expect wave (ii) to begin and I am expecting a three wave decline below 137.40 at a minimum.
The 50% retracement of wave (i) lies at 136.44,
so that gives us a target range for this correction.

Tomorrow;
I am expecting a drop into that 50% fib level in wave (ii),
so wave ‘a’ of (ii) will probably hit the 137.40 area to confirm that wave (ii) is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow made a break below 32930 this evening and that breaks the wave ‘i’ low again.
Wave ‘1’ of ‘iii’ is pretty close to complete now,
and now I am looking for a turn higher into wave ‘2’ before the end of the week.
This is a slow moving pattern so far in wave ‘iii’,
however the short term pattern is proving correct day after day now.
And that is a good sign for the larger wave count.

Tomorrow;
Watch for wave ‘1’ to complete soon and then we should see another correction higher in wave ‘2’ of ‘iii’.
If the declining trend line holds,
then wave ‘2’ will complete near 33250.
and then we can look for a real acceleration lower into wave ‘iii’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold completed a three wave flat correction in wave ‘4’ of ‘iii’ today.
the price filled a trend channel exactly at the top of the session.
And now the price has turned lower this evening to begin wave ‘5’ of ‘iii’.

Tomorrow;
Wave ‘5’ of ‘iii’ should complete before the end of this week.
and I am looking at the 1930 level as a target for that wave.

then next week should begin with a turn higher again into wave ‘iv’.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The action today in crude has triggered the alternate count for wave [ii].
The price broke above 73.79 again,
and because of that I am looking at the larger wave (b) and (c) idea for wave [ii].

Todays high has complete a three wave pattern and filled a trend channel off the recent lows.
This is now viewed as wave ‘b’ of (b).
And wave ‘c’ of (b) is expected to turn lower again with a target at 69.00 again.

This pattern in wave [ii] will take another week to complete,
so it looks like the trade will be choppy for another week at least.

Tomorrow;
Watch for wave ‘b’ to complete very soon and then drop back to begin a five wave decline into wave ‘c’ of (ii).

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P turned lower again today and the price has retraced the recent rally in wave ‘5’ of ‘v’ at todays lows.
The market has now stalled the decline,
so I am suggesting wave ‘4’ of ‘i’ is now underway.
We will have to wait and see how that correction play out tomorrow to see if this short term count holds.
Although I am still expecting another decline in wave ‘5’ to complete wave ‘i’.
If that happens,
then I will be much happier with the setup here again.
A break of 4045 would be even better in wave ‘i’ pink.
but that might be asking a bit too much.
we will see tomorrow how this pattern holds up.

Tomorrow;
Watch for a correction in wave ‘4’ to create a small consolidation in the decline.
One more drop is required here to confirm this pattern.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver can’t catch a break these days!

the price stepped lower again today to rule out last nights wave count.
But I ca still view this recent decline off wave (a) as a three wave pattern into todays lows.
So this new low takes the wave (b) label again,
and wave (c) is still expected to rally back above 24.00 again to complete wave [b] over the next few days.

Tomorrow;
Watch for wave (c) to turn higher and trace out 5 waves higher for the rest of the week.
If we get another down day tomorrow,
then I will be forced to rethink this short term pattern for wave [a] down.