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

The rot is steadily gaining in the Labor market.

Last time we saw this in the US bond market was the year 2000.

Everyone HATES bonds!

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is holding below the wave (b) high today but I can’t read much into the action today to be honest.
The small decline ahs not developed impulsively yet.
that does not give me too much confidence for wave (c) at the moment.
But I can say that wave (b) has matched wave (a) in both time and price now,
so this would be a perfect area for wave (c) to turn lower now.

Tomorrow;
I have been waiting for wave (c) to begin for over a week now,
so the next leg down can’t start soon enough for me.
If we seee a challenge of the wave ‘b’ low at 1.1200 again that will signal that wave (c) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am labelling todays action as a straight forward bearish lower high.
But I will admit that the margin for error here is thin.

Wave ‘1’ and ‘2’ are almost complete off the recent wave [i] high.
and I want to see a clear follow through to the downside into wave ‘3’ of ‘i’ starting tomorrow in this scenario.
A break of 1.3414 will confirm this pattern of course.
So I will wait for that move to happen before confirming this pattern.

Tomorrow;
Watch for wave ‘2’ to hold below 1.3615.
Wave ‘3’ of ‘i’ down is about to begin.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is holding off the highs at wave ‘2’ also today.
but the action is not enough to call wave ‘3’ of ‘c’ underway yet.
Only a break below the wave ‘i’ low at 142.37 will do that.

I am also watching that alternate count just incase.
That involves a run higher again into wave ‘c’ of ‘b’ near 147.00.
At the moment I don’t favor that pattern.
But wave ‘3’ of ‘c’ needs to move down soon in order for this pattern to stay on track.

Tomorrow;
Watch for wave ‘3’ of ‘c’ to drop below 142.00 again to signal this count is correct.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The problem I have with the stock market here is the short term pattern.
I know this is particularly annoying over the last few weeks,
but here we are again holding below the 78.6% retracement of the last major decline.
And the main wave count is still best described as a corrective rally to a lower high in wave ‘B’.
That much stands.
But figuring out the final movements within wave [c] of ‘B’ has been a headache!
I will continue this struggle with the pattern over the coming week.
But even with that frustration, I am confident about the wave ‘B’ wave count.

Tomorrow;
The price action todays indicates that wave ‘c’ of (v) is still in play.
Lets see if that rally comes to an end tomorrow.
And as always,
only a nice impulsive drop off the top will confirm a top for wave (v) of [c].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Three waves up in todays action suggests a possible correction higher now.
I am calling this move wave ‘iv’ of (i) at the moment.
This requires a turn lower into wave ‘v’ tomorrow and a challenge of the wave (b) low at 3246 again.

Tomorrow;
I have been waiting for a turn out of this wave [b] lower high for over a week now so hopefully wave [c] can take over this week.
Watch for wave (i) of [c] to complete five waves down near 3246 to confirm this pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Wave (v) of [c] has managed to break 64.00 today as the pattern nears its end in wave ‘4’ again.
The 4hr chart shows a clean three wave pattern overall into this current high.
And wave [c] of ‘4’ is also closing out a solid five wave pattern.
So we have a flat correction wave ‘4’ with an internal 3,3,5, pattern now complete.
The final high of wave ‘4’ should happen this week.
And from there wave [i] of ‘5’ can take over.

Tomorrow;
Watch for wave (v) of [c] of ‘4’ to show signs of a final high.
If the price falls back below 60.00 again that will be a good signal that wave [i] of ‘5’ is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is holding at the highs of wave ‘c’ this evening with a very soft trade today.
the price may be completing a five wave internal pattern in wave ‘c’ here.
If that is the case,
then we will see a turn lower starting tomorrow into wave ‘i’ pink.

Tomorrow;
Watch for wave ‘i’ to turn lower with a drop below the wave ‘b’ low at 5840.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The extension in wave ‘v’ of (iii) continues today with a push up to the upper trend channel line again.
The internal pattern of wave ‘v’ is showing a five wave pattern here.
And the market should turn into wave (iv) blue soon if I am correct here.
Silver is showing a signs of a serious overbought situation at the moment when you look at the momentum situation o the 4hr chart.
But that does not mean an imminent reversal is at hand.
Only that a consolidation is on the cards now given the nature of the rally.

Tomorrow;
Watch for wave ‘v’ of (iii) to top out soon.
A tag of that upper trend channel line is more than enough to call this pattern complete.