Good evening to you all folks, and the Lord’s blessings to you all tonight.

Here is the interview with Jeremy Grantham and Ray Dalio that I quoted last night.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The rally off this weeks low went far enough today to consider wave (iv) done and wave (v) in play.
The pattern in wave (iv) is not ideal,
but it can be classed as a combination wave with a triple three, 3,3,3 internal structure.

I can see five waves up off the wave (iv) low this evening.
And this marks the end of wave ‘i’ of (v).
the initial target for wave (v) to complete lies at 1.0840.
that level marks the point where wave (i) and wave (v) blue reach equality.

Tomorrow;
Watch for wave ‘ii’ to correct off this evenings highs.
The price must hold above 1.0630 at the wave (iv) low.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am happy tonight that wave [b] is complete at this weeks lows of 1.2457.
the rally today is enough to signal wave (i) of [c] is now underway.
Wave [c] will be confirmed with a break above 1.2670.
And we should see five waves up trace out in wave [c] over the coming week to target the area around 1.2900 where wave [a] will equal wave [c].

Tomorrow;
Watch for wave (i) and (ii) to complete a higher low above 1.2457.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am working with a different interpretation for action off the top at wave (1) this evening.
An [a] [b] lower high does account for the choppy initial decline
and the larger retracement off the recent low quite well.
Todays highs mark the top of wave [b],
and we should see a decline begin into wave [c] over the coming sessions if this count is correct.

Tomorrow;
Watch for wave (i) of [c] to fall back below the 128.00 level again in five waves.
A steep decline from here will favor the main count,
and we can look for a sustained decline next week into wave [c].
131.35 must hold.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Todays rally has triggered the alternate count for wave (c) of [ii] today.
The declines this week are too corrective looking now and they suit the wave ‘iv’ label much better than last nights count.
Wave ‘v’ has spiked higher of the lows and retraced most of the decline in wave ‘iv’ now.
The minimum target for wave ‘v’ is a break of the high at wave ‘iii’.
and the 62% retracement comes in at 33624.
So that gives us a tight target range for wave (c) and [ii] to complete tomorrow.
If the market falls again tomorrow and takes out the wave ‘iv’ low at 32500 again,
then we can call wave (i) underway at that point.

Tomorrow;
Watch for wave ‘v’ of (c) to complete with a slight new high above 33500.
This action does postpone again the beginning of wave [iii] down,
but I am pretty confident that the clearing rally is now over,
so next week is looking promising for wave [iii] to begin.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has just pipped above the wave (i) high today at 1869.
And with that we can confirm wave ‘i’ of (iii) is now in play.
Wave ‘i’ does not look complete as a five wave structure yet.
but I suspect that tomorrow should see that rally complete and we can look for a further higher low in wave ‘ii’ of (iii) next week.

If this count is correct here,
then we are moving into a powerful acceleration phase in wave (iii) of [iii] over the coming month.
So things are heating up in gold,
and this long suffered corrective phase may well be behind us now.

Tomorrow;
Watch for wave ‘i’ of (iii) to complete five waves up above 1869.
the wave (ii) low at 1828 must hold from here on out.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The rebound in crude today puts pressure on the ending diagonal pattern for wave ‘C’.
I would like to see wave (ii) top early tomorrow and the drop equally as fast into wave (iii) down.

I am willing to give this bearish (i) (ii) pattern the benefit of the doubt for the moment,
The clearing rally in stocks is lifting all boats at the moment, including crude.
So a reversal in the stock market can easily take this ship down with it too!

Tomorrow;
I am just going to have to be patient here and wait for the market to confirm or invalidate this bearish pattern.
The high at wave (2) must hold.
Watch for wave (iii) of [i] to drop sharply and take out the wave (i) low early next week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The alternate count for wave ‘c’ has taken over in the S&P also tonight.
The wave ‘4’ decline has been substantially retraced now,
and wave ‘5’ of ‘c’ should push towards that 50% retracement level again at 4246 to complete and expanded flat correction in wave (ii).
Tomorrows session should be more than enough to complete this rally.
And then next weeks trade should begin the decline into wave (iii) of [iii] again.

Tomorrow;
Watch for wave ‘5’ of ‘c’ of (ii) to top out near 4246 at the 50% retracement level of wave (i).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I may be very bullish on gold at the moment,
but I’m afraid i don’t hold the same view on silver just yet.

I think the large corrective pattern in wave (C) of [2] requires one more sharp decline to break that 20 handle again
that will complete five waves down in wave (C).
And once that happens I will turn uber bullish on silver too.

Todays rally has not invalidated last nights count,
but the price has pushed far enough to consider this alternate count for wave ‘4’.

At the moment I am looking at todays rally in the context of a larger wave ‘4’ of (C).
Wave [b] complete a running flat correction at this weeks lows,
and wave [c] is now tracing out a five wave rally towards 22.89 level.
This level marks where wave [a] and [c] will reach equality.

Tomorrow;
Watch for wave [c] to continue higher and complete five waves up above 22.43 at a minimum.