Good evening folks, the Lord’s Blessings to you all.
I realise that I am updating dangerously early tonight!
A old friend of mine from my uni days is in town,
so we are going to meet up and enjoy a few beers.
Even though my body is not able for pub life anymore.
But it does not happen often!
God be with the days when I could go all night till the wee hours of the morn!
No more my friend,
no more.
If there is any major change in the charts in the few hours that I miss,
I will update again tomorrow.
I am also including a chart of the TLT etf below.
This one is beginning to look so very interesting,
I do think there is a major rally in US Treasuries brewing so keep and eye on this chart!
Once more unto the breach!
https://twitter.com/bullwavesreal
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD has basically done nothing this week which is in line with the correction idea overall.
The internal pattern of that correction is a puzzle for sure,
but three waves up today is following the pattern quite well.
I have labelled this rally as wave ‘b’ of (d),
and wave ‘c’ down is still expected to drop in five waves towards 1.0750 again over the next few sessions.
Wave [b] will complete next week if all goes to plan here.
Monday;
Watch for wave ‘c’ of (d) fall in five waves as shown.
1.0890 must hold.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Three waves up in cable also today.
This action is corrective in wave ‘ii’,
and the price has fallen back sharply this evening to suggest wave ‘iii’ is underway now.
This count calls for a five wave decline in wave (i) to break 1.2600 over the coming days.
And if that happens,
we can be quite confident that the larger wave [iii] green is underway.
Monday;
Watch for wave (i) down to continue in five waves as shown.
We should see a break of 1.26 again to complete wave (i) of [iii].
USDJPY.
USDJPY 1hr.
USDJPY 4hr.
USDJPY daily.
Its been an awkward week in USDJPY to be honest so I am a little on edge about the main count.
I will stick with this bullish count for wave ‘i’ and ‘ii’ to begin wave (iii) up for now.
But if the price accelerates lower next week that will tip the balance in favor of the alternate count for wave (ii) blue.
Monday;
I am allowing for a drop in wave ‘ii’ towards 156.00.
and from there I will look for wave ‘iii’ of (iii) to begin.
If we don’t get an acceleration higher in wave ‘iii’ by midweek next week,
then I am going to switch to that alternate count.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The DOW is making a turn higher today off a possible wave (i) low.
I am suggesting that wave (ii) is now underway here and we should see a corrective rebound next week to a lower high.
The 50% retracement level of wave (i) lies at 39040.
So I think we can look for a rally into that area at the wave (ii) high.
The price has not threatened the wave (ii) low at 37690 so far.
That level is acting as an important support a the moment,
if that level breaks,
it will certainly add to the potential of this count.
That may even signal wave (iii) is already underway.
Lets see how the potential correction in wave (ii) develops early next week to make some larger projections from there.
Monday;
Watch for wave (ii) to trace out a three wave correction towards 39000 again.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold has been stuck in a corrective range for most of this week,
and today there is an attempt to break below wave ‘1’ of ‘c’ again.
It is not conclusive yet,
but I am suggesting that wave ‘3’ of ‘c’ is now underway.
And this leg down should fall into the wave ‘a’ low at 2276 again.
That is the minimum target overall in wave (iv).
I might even suggest that wave ‘c’ should fall into 2200 to complete five waves down.
We will see next week.
Monday;
Watch for wave ‘c’ down to trace out five waves and break the minimum target at 2276.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude oil has been a wild and choppy market for the last few weeks and that has forced a few different wave counts.
Today the market has struck again!
A sharp move lower this afternoon has now completed five waves down off the top at 80.46.
The action now suggests wave [ii] is already complete at this weeks highs,
and wave (i) of [iii] is underway.
The price did not break the recent lows yet,
but if this count is correct,
then we will see a break to a new low in wave (iii) later next week in wave (iii) of [iii].
Monday;
Watch for wave a rally in three waves to complete wave (ii) in the area of 79.00 again.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The S&P has completed three waves down at todays lows.
The price hit the lower trend channel line and bounced again this evening.
This market is behind the DOW in its pattern as we still have a final fifth to top the larger pattern.
And that requires a rally back above 5350 again next week to complete.
The alternate count for wave (i) is still lurking in the background here.
I will only switch to that count if we see a break below the wave (i) high at 5090 again.
So we are a long way off that trigger point yet.
Monday;
Watch for that wave (i) support at 5090 to hold and wave (v) of [v] to push back to a new high.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Todays lurch to the downside again has saved the main count for wave [ii].
The action this week is viewed as the first three wave structure to the downside in wave (a) of [ii].
And that spike lower today is viewed as wave ‘c’ now underway.
Wave ‘c’ should trace out five waves down and break 30.00 again at a minimum,
but the lower that wave ‘c’ goes,
then better the count will get.
Tomorrow;
Watch for wave ‘c’ to complete five waves down near 29.00 again and from there we can look for wave (b) to begin.
BITCOIN
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BITCOIN daily.
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FTSE 100.
FTSE 100 1hr.
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FTSE 100 daily.
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DAX.
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DAX daily.
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NASDAQ 100.
NASDAQ 1hr
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NASDAQ daily.
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