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

Still can’t see recession coming this year? try this.

This market has only just turned off the top, There is a whole lot more ahead…..

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The question in my mind today is this,
is the rally off that 0.9951 low large enough to signal a low is finally in for EURUSD here.
There answer so far is ‘close, but no cigar just yet’.

I was looing for wave ‘c’ of (iv) to hit the 1.02 area to complete the expanded flat correction idea.
So far the price has reached 1.0268.
And the low of wave (i) blue has not been broken yet at 1.0358.

So the main wave count will hold until that wave (i) low is broken.

Tomorrow;
I want to see wave (v) turn lower again starting tomorrow.
the minimum target is a new low below 0.9951.
Watch for wave ‘i’ of (v) to fall back into the 1.0150 area.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Todays action has forced a small rethink of the action in wave (iv).
The rally has not quite broken to a new high above 1.2054 yet.
If wave (iv) is an expanded flat correction,
then wave ‘c’ should break that level before turning lower into wave (v) again.
A running flat would allow wave ‘c’ to complete below wave ‘a’.
So there are options here for sure.

Tomorrow;
Watch for wave (iv) to complete with a break of 1.2055.
Wave (v) down should fall in five waves and break 1.1759 at a minimum.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We do have a decline in place off the top at 139.39.
But the action is not clear enough yet to make a judgement on where we go from here.

I have shown a possible (i) (ii) pattern in the making.
But I am not confident on that at all to be honest!
So I’m afraid that its a waiting game again here.

Tomorrow;
Watch for a possible lower high to form in wave (ii) before turning lower again into wave (iii).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The whipsaw action over the last few sessions has triggered the alternate count for wave (ii) now.
The market rebounded today after last nights sharp drop,
and now the price is approaching the wave ‘a’ high at 31880 again.
Wave ‘c’ should break this high and top out in the 32000 area again by the end of tomorrows trade.
And if all goes to plan here,
then wave (iii) down will take over by the end of the week.
Wave ‘i’ of (iii) is expected to fall in five waves and retrace most of the gains of wave ‘c’.

Tomorrow;
Watch for this wave (ii) correction to close out with a pop above 32000.
If we see the channel close out and then a sharp reversal off the top channel line,
that will be a strong indication that wave (ii) is done and wave (iii) is taking over.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am a little bit perplexed with action in gold this week.
The price is basically going nowhere at the moment.
And this fact is not encouraging for a rally to take place in wave (iv) as I have shown.
We will see soon enough,
but the action so far is not clearly pointing to a wave (iv) rally.

There is a chance that wave ‘v’ of (iii) is still underway,
and if we see a break below 1697 again,
then wave (iii) is still in force here.

Tomorrow;
Wave ‘b’ must hold above 1697 again.
Watch for wave ‘c’ to push higher and towards 1745 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has retraced high enough off the lows of wave ‘1’ to consider wave [a] now pretty much complete.
The rally has traced out a three wave pattern so far.
Wave (c) of [a] is now completing a five wave internal pattern as shown.
And the price is approaching the previous fourth wave top again.

The highs today have topped out a five wave internal pattern in wave (c) of [a].
And with that,
I think it is time to look lower again for the next few days in wave [b].

Ideally, wave [b] will fall in three waves towards the 95.00 area again by the end of the week.

Tomorrow;
Watch for wave (c) to top out and fall again to signal wave (a) of [b] is underway.
I suspect wave (a) will fall into the 97 handle again to complete.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

My extreme bearish pattern was ruled out today after another spike rally to carry to a new correction high.
This rally does not invalidate the overall bearish pattern though.
In fact I suspect the pattern is now clear for wave ‘ii’ pink.
A flat correction higher that is targeting the 62% retracement level at 3990 is now the best fit pattern.
Wave ‘c’ of ‘ii’ is tracing out a five wave rally now,
and the price is almost at the minimum target level for wave ‘c’ to complete at 3946.
A break of that level will be enough to fulfill the minimum expectation.
So it looks like this corrective phase will complete this week.
And we can look for that crash scenario into wave ‘iii’ over the next week.

Tomorrow;
Watch for wave ‘c’ to complete above 3946.
Wave ‘iii’ down will begin with a break below 3636.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

So far the wave (ii) high is holding at Mondays high of 19.01.
We have a very small lower high in place off that level today.
It is possible that wave (iii) is now underway,
but I wont be sure of that until we get a break of 18.13 again in wave ‘iii’ of (iii) of [v].
If 19.01 holds tomorrow,
then I think the most likely outcome will be a further sharp decline below 17.50 in wave (iii) of [v].

Tomorrow;
19.40 must hold.
Watch for wave (ii) to hold at 19.01.
Wave ‘iii’ of (iii) should accelerate lower from here.