Good evening to one and all, the Lord’s Blessings to you tonight.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The decline off Fridays highs is holding its corrective form again today.
And now I have labelled this as a small fourth wave correction within wave ‘c’.
This pattern suggests wave ‘5’ of ‘c’ is yet to come.
And we should see a break above 1.0969 again to complete this rally in wave ‘c’.

Tomorrow;
Watch for wave ‘5’ of ‘c’ of (ii) to complete this correction with a break of 1.0969.
I am still looking for wave ‘i’ of (iii) to drop below 1.0779 later this week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is coming down in a more productive manner today but the action has not confirmed the top of wave [b] just yet.
I want to see a solid break of 1.2545 this week to confirm this pattern has turned into wave [c].
The decline so far is definitely not enough to get excited about just yet.
However if wee see a corrective lower high develop below wave [b] tomorrow,
that will go a long way to helping this short term wave count.

Tomorrow;
Watch for wave [b] to hold again at 1.2846.
A lower higher can form in wave ‘ii’ below that level.
And then wave (i) should push lower again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has dropped below the the wave ‘i’ high again today which is not ideal in terms of this pattern.
The decline does look corrective at the moment,
and I have labelled it as wave ‘4’ of ‘iii’ so far.
I do want to see a rally back above the high at 142.24 again to complete wave ‘iii’.
and then we can look for wave ‘iv’ later in the week.

If the price continues lower again tomorrow,
then I will be forced to rethink the wave (v) blue pattern.
And a break of the wave (iv) low at 139.27 will signal that wave (v) of [iii] is already complete.
But we are not there just yet.

Tomorrow;
Watch for wave ‘iii’ to complete a five wave internal pattern with a break of 142.24.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well,
we have a spike lower today against a backdrop of extreme bullish sentiment across the board.
Although this decline itself is not large at all,
It is happening at the right time and with the right market conditions.
the world and its mother is stretched thin with bullish sentiment.
And this is the perfect scenario where we could see a top form.

So,
could this be the week that the rally finally gives way in the stock market.
I sure hope it is!

The internal pattern of the decline so far is hard to discern.
And I do want to see a clear break of that wave ‘4’ low before I start building a pattern off the recent top.
So I am willing to let this pattern develop a little further here.

Tomorrow;
Watch for the market to hold below the recent top again to increase the odds that the pattern is in fact rolling over here.
I am expecting a lot from wave ‘i’ down.
So lets see how the reversal develops tomorrow to see if we can get some downside follow through.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold dropped gain today and we are beginning to push the bounds of this expanded flat pattern for wave (b) now.
I have moved the support to the wave ‘b’ low at 1925.23.
If that level breaks then I will call wave (b) complete and then look lower into wave (c) again.

For the moment,
wave ‘c’ of (b) can still be viewed as underway here.
Wave ‘1’ and ‘2’ has formed a higher low.
And wave ‘3’ of ‘c’ should push higher and break above 1983 to confirm the pattern.

Tomorrow;
Wave ‘b’ must hold above 1925.23.
Watch for wave ‘3’ of ‘c’ to turn higher again and confirm this pattern by breaking 1983.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil turned lower today hinting at the possibility of a top for wave (ii) at this mornings highs.
Wave (ii) completed three waves up and has failed just below the 78.6% retracement of wave (i).
And if this pattern holds,
then todays move lower may well be the beginning of wave ‘i’ of (iii) of [iii].
And that third wave decline has the potential to fall into the 60.00 area again.

The alternate count for wave [ii] has not been ruled out yet.
But if we see a drop below 66.95 again that will definitely favor this main count.

Tomorrow;
Watch for wave ‘i’ of (iii) to fall in five waves towards the 68.00 level as shown.
The wave (ii) high at 72.35 must hold.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

If you take a look at the 4hr chart you can see the whole rally in wave [c] of ‘2’.
There are three things I want to note about the pattern in wave ‘2’ tonight.

First.
Wave [c] has just peaked above equality with wave [a] at 4408.
that means we have hit the common metric for a correction where wave [a] and [c] equal each other.

Second.
The wave (v) of [c] broke above the upper channel line late last week and now the market has dropped back in under that upper channel line again.
Wave [c] has created a small ‘throw-over’ and reversal now.

Third.
Wave (v) of [c] has just broken above the 162% Fib extension of wave (i).
So wave (v) and (i) of [c] have fulfilled a common relationship level also at this recent high.

So if we take a step back from the internal pattern we can see a nice overall corrective pattern in place here.
The sentiment picture is also complimenting the idea that we are pretty much done here for wave ‘2’.
But again,
the initial turn down that has eluded us so far needs to be in place before I can get to work on the downside patterns again.

Tomorrow;
For the moment, I think we can say that we are there now.
The top of wave ‘2’ is either very close or its already in place.
Lets see if this small reversal can build a five wave pattern lower off the current top.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver tool a solid turn lower today and I have now switched to the alternate count for wave (c) of [b].
The decline off wave [b] is quite impulsive now,
but the internal pattern of wave (i) down has not traced out five waves yet.
I am looking for wave ‘iv’ and ‘v’ to complete wave (i) over the next few days.
and then we should look for a corrective lower high to begin before the end of the week.

Tomorrow;
Watch for wave ‘iv’ to correct higher slightly.
And then wave ‘v’ to complete back below 23.00 again.