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

And we’re back! I missed last nights update as I just did not have a connection in the ferry. Forgive me for that!

But I’m back home now and back to my little office in the attic, oh sweet silence how I missed thee!

Ok here’s a few headlines that caught my eye today.

Wheels Come Off The “Strong Jobs” Myth: Job Openings Drop To 2 year Low As Number Of Hires And Quits Plunge

US Manufacturing Surveys Confirm Contraction; Employment Weakest Since COVID Lockdowns

Big Drop In Cardboard Box Sales Scream Recession

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The trade has been subdued over the last few sessions and I am taking this into account with tonights new count.
Wave ‘i’ and ‘ii’ to the downside is still the main theme here.
This action should lead to a more sustained decline into wave (i) of [c] over the coming months.

The price seems to be consolidting in wave ‘ii’ at the moment,
and wave ‘c’ of ‘ii’ has the potential to drift back up to 1.11 again to complete a three wave correction.
And then later this week we shold see a sharp decline again into wave ‘iii’ of (i).

Tomorrow;
Watch for wave ‘c’ of ‘ii’ to fill that trend channel near 1.1100 againg.
Once wave ‘ii’ completes,
I will then look lower again in wave ‘iii’ of (i).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The decline in cable is a little more impulsive looking today,
and the price has now broken below the wave ‘i’ low again this evening.

because of that action I am suggesting that wave ‘iii’ of (iii) may be getting ready to go here.
The high at wave ‘ii’ must hold at 1.2888,
and wave ‘iii’ down must head lower in five waves from here.
Wave (iii) blue should break that previous wave (iv) low at 1.2588 as an initial target.
If that level breaks with an impulsive acceleration in wave (iii),
and we continue lower to create a full five waves down off wave (2),

then the larger turn down into wave ‘1’ of (3) gets BIG probability boost.

Building wave [i] down is what lies ahead of us for the next week at least.
So this one will take time.

Tomorrow;
Watch for wave ‘ii’ of (iii) to hold at 1.2888.
Wave ‘iii’ of (iii) should continue lwoer to break 1.2588.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY gave us another up day today and I am taking the positive view on this action for the moment!
This rally is viewed as wave ‘iii’ of (iii).
And I am expecting wave (iii) to break above the 145.00 level again to complete.
A break of that wave [iii] high again will confirm this wave count,
so there is some pressure on this count until that happens.

So far the price has only traced out a three wave pattern higher into todays high.
And that fact is one more point to be awayre of here.
I want to see a break to a new high in wave (iii) of [v] to give more confidence to that larger pattern I am working with.

Tomorrow;
Watch for wave (iii) blue to continue higher in five waves as shown this week.
a break of 145.00 is the minimum target for this pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is holding just below the highs after another day of drifting back to the upside again.
It remains to be see if the current high holds as wave ‘2’,
or if we have to go back to the drawing board again in search for the high.

Last weeks small drop was an interesting impulsive move after what seems like a complete five wave rally in wave ‘v’ of (v) of [c].
But as always,
there needs to be follow through to confirm any count.
And so far we have nothing to go on in the short term chart at least.

The 4hr chart shows a momentum divergence at the end of this latest rally in wave ‘v’ of (v).
this should lead to a pull back of some sorts off this top.
If that pull back turns out to be an impulsive move lower,
then we have an opportunity to at again.

Tomorrow;
Watch for this wave (v) of [c] top to finally register its top tick!
Only a decline back below wave ‘iv’ again will open the door to a bigger reversal.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has turned lower again today after creating a lower high in wave ‘ii’.
the price must now continue lower this week to break 1900 again to confirm this wave count again.
We have a support band at 1902 to 1982 made by the two previous lows.
So I am looking for this wave (iii) to break through the support band again to prive this wave count in wave [c].

Tomorrow;
Watch for wave ‘iii’ of (iii) to break 1935 again to signal that the larger decline is building here.
The wave ‘ii’ high at 1972 must hold.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am charting a top after a three wave rally in crude also as you can see.
The problem here is that wave [ii] is getting awfully close to that invalidation high at 83.38 here.
the price has basically gone flat today off the recent wave [ii] top,
but there is nothing yet to indicate that this market is going to turn lower in a big way intow ave [iii].

first things first here,
the high at wave ‘2’ must hold at 83.38.
If that level breaks,
then I will be forced to go back to the drawing board here also.

At the moment there is a whole lot riding on the action this week for this short term count.
And I would love to see a sharp decline back into the 75.00 handle to confirm wave (i) of [iii] is in play.
But for now,
I must be patient.

Tomorrow;
The high at wave ‘2’ must hold at 83.38.
I am looking for wave (i) down to push lower for the rest of this week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A small lower high in the S&P also today and I have the very same outlook here as usual.
The market must prove itself this week with an impulsive decline as shown.

So far wave ‘2’ has hit the 62% retracement level of wave ‘1’.
and we have a complete three wave structure to the upside in place in wave ‘2’.
Wave ‘2’ has filled the trend channel nicely also.
so the next step in this scenario here,
is for a pretty sharp initial decline in wave (i) of [i] of ‘3’.
I know you are probably sick to the teeth of my pointing these things out.
but I can’t ignore the obvious in from of my face,
even if the rest of the world wants to shout bull market forever at me!

Oh well,
Its the position in life that I occupy,
the idiot in the corner pointing at the problem no-one else wants to recognise!

Tomorrow;
Watch for last weeks high to hold forst.
Wave ‘iii’ of (i) should fall into the 4450 area as shown.
And if this count is correct,
then we will have a five wave pattern lower complete by the end of the week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver continues to make an attempt at turning into wave ‘iii’ of (i) this week.
The market has traced out another step down today off another lower high in wave ‘2’.
Wave ‘3’ of ‘iii’ has not proved itself here yet,
but a break below 24.00 again will offer an opportunity to accelerate into wave ‘iii’ correctly.

Tomorrow;
Watch for a break of 24.00 again in wave ‘iii’ of (i).
Wave (i) down should take up the rest of this weeks trade if all goes well.