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

Typical end of a trend headline here, FOMO!

Explosion In Retail Buying Revealed As Source Of Latest Market Meltup, Tesla Stock Surge

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD seems to have completed five waves down this evening.
If wave ‘i’ of (v) is done at todays lows,
then wave ‘ii’ should correct tomorrow to form that bearish lower high that I am looking for.
The ‘i’ ‘ii’ pattern to the downside – impulse wave,
will signal that wave (iv) is in fact done and then next leg down into wave (v) is ready to go.

Tomorrow;
Watch for wave ‘ii’ to complete near 1.02 again.
A break below 1.009 again will signal wave ‘iii’ of (v) is underway.

The alternate bullish pattern will be triggered if we see a break of 1.03 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have changed the labelling of wave [v] down this evening.
the size of the correction off the recent lows is just too big to keep the previous count.
this rally is now a correction in wave (ii) blue.
and we should see a decline into wave (iii) blue over the coming week.

It is possible that wave ‘i’ and ‘ii’ of (iii) are complete as shown in the red box’s,
In that scenario the price is already beginning wave ‘iii’ down
and that wave ‘iii’ will do most of the work to carry the proce back below 1.1760 again.

The main wave count is matching the size of wave ‘i’ with the size of the previous wave ‘c’ of (ii).
At this point there is no way of knowing which count for wave ‘i’ is correct.
But I do favor the idea that wave ‘i’ will retrace most of wave ‘c’.

Tomorrow;
Watch for wave (ii) to hold at 1.2294.
Wave (iii) down will begin with a five wave decline into 1.1890 as shown.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has traced out five waves up into the highs of wave [a] now.
this pattern suggests that wave ‘B’ overall will be a zigzag correction with an internal pattern of 5,3,5.
If wave [a] is now complete,
then wave [b] is set to drop to a higher low by Friday.
this low should hit the 133.00 at a minimum.

Tomorrow;
Watch for wave [a] to top out and reverse into wave (a) of [b].
A 50% retracement for wave [b] will hit 132.50 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW is still not making any progress lower this week.
The market is stuck below this wave (ii) high right now.

I am a little disappointed to be honest.
I was expecting a break of the previous wave ‘4’ low this week at 31800 to signal wave ‘i’ of (iii) had begun.
No luck there so far.

It is still possible that a reversal may happen this week,
but for the moment it seems wave ‘5’ of ‘c’ is holding onto the price on pain of death!

Tomorrow;
the decline yesterday did turn out to be quite corrective looking.
So I am allowing for this wave ‘5’ of ‘c’ to top out once more at a about 33000 again.

A sharp reversal early tomorrow will favor wave ‘i’ of (iii).

It is still a waiting game here as the the top tick of wave (ii) is yet to be decided.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I was looking for wave ‘i’ of (v) to break that wave ‘a’ top at 1739.
But that was not to be.

the decline off the high at wave (iv) is impulsive looking.
And we do have a corrective lower high in place now.
So I have labelled this move as waves ‘i’ and ‘ii’ to begin wave (v) down.
The next step here is for wave ‘iii’ to take us lower again and possibly even break to a new low below 1680 when complete.

Tomorrow;
the first thing I am looking for is a break into the price territory of wave ‘a’ at 1739.
A break of that level will rule out the alternate count.
Wave ‘iii’ will be confirmed once that happens.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A five wave pattern off the wave ‘2’ high is now in place this evening.
I cannot rule out the alternate count yet,
but this action does add weight to the main wave count at least.

If wave [i] is now done at this evenings lows,
then it is likely that wave [ii] will begin before the end of the week.
I am looking at the previous wave (iv) high at 95.95 as an initial target for wave [ii].

Tomorrow;
Watch for wave [i] to stall and reverse higher to signal wave [ii] is underway.
The low at wave ‘1’ should form enough support to allow wave [ii] to begin.

Wave (a) of [ii] should break above 91.78 again at the wave (iii) lows.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P decline yesterday did turn out to be short term corrective.
And now we have a new high for the whole pattern in wave (ii) today.

It is interesting we get a headline on retail buying spree at the end of a ‘c’ wave rally.
That headline almost confirms the wave count here!
The bag holder is back.

As for as the pattern is concerned,
the action has not changed my mind one iota.
And now we are approaching two common correction target levels this evening.
The first is the 38.2% Fibonacci retracement level at 4170.
And just above that we have the previous fourth wave high of ‘iv’ at 4200.
That cluster of resistance levels could be enough to put a stop to this rally for sure.
So keep an on eye on the action around those highs.

Tomorrow;
Watch for a reversal or failure near those target highs.
Wave ‘i’ down has a long way down to go from here,
but a break below 3910 level is the initial signal I am looking for.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has created a small lower high this evening and that action gets the ‘i’ ‘ii’ labelling that I have been waiting for.
the price has not dropped into wave ‘iii’ of (i) yet.
But if this pattern is correct here,
the we should see wave ‘iii’ fall into the initial support level at 19.09 over the coming sessions.

Tomorrow;
Watch for wave [iv] to hold at 20.49.
Wave ‘iii’ seems to be complete at that lower high of 20.16.
Watch for wave ‘iii’ to continue lower into that target level at 19.09.