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

More headlines that just scream trouble is ahead!

Insiders Are Dumping The Most Stocks Since January As Retail Buying-Panic Re-Emerges

Initial Jobless Claims Hit 8 Month Highs, Continuing Claims Jump Ahead Of Payrolls Print

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD did rise today but so far the price is holding below the wave (iv) high at 1.0292.
This lower high can be viewed as a three wave corrective move off the wave ‘i’ low in wave ‘ii’.
That remains the main count unless that wave (iv) high is broken again.

Tomorrow;
Watch for wave ‘iii’ of (v) to fall back below 1.0090 again to signal the larger wave (v) count is correct.
A break of 102.92 will invalidate this short term count.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is still working its way lower but without giving us a clear confirmation of the main wave (iii) count just yet.
The price did dive lower early today,
but the rebound has brought us back to flat on the day.
If this is an impulsive decline now underway into wave (iii) down,
then we really must see a sharp decline soon to confirm the count.

Tomorrow;
Watch for wave ‘i’ of (iii) to push towards that initial target area at 1.1890.
A break of 1.2033 again will favor my main count here.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is lower today and that seems to confirm that wave [a] is now in place at that recent top at 134.54.
The decline today is in three waves,
and I have labelled this wave (a) of [a],
The count suggests we will see a further decline over the next few sessions into the 132.00 area to complete wave [b].
But I am not totally against the idea that todays low will form a complete wave [b].
We will see tomorrow which idea is more likely.

Tomorrow;
Watch for wave [b] to continue lower in three waves over the coming few days.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The fact that the insiders seem to be selling heavily again is another sign that this market has not got much upside left in it.
The rats are jumping ship as they say!

Todays trade gave us nothing to go on to either confirm the count or to offer a new interpretation.
All I can say here is that a dead trade at the end of a wave ‘c’ rally is a reasonable hint that the larger pattern is done.
We will see tomorrow if the price action will confirm that idea,
but for now I will hold to my guns here that a correction in wave (ii) is as near to complete as I can think.
All I need is confirmation in the form of a reversal pattern off the top.

Tomorrow;
Watch for a reversal pattern it build into wave ‘i’ down as shown.
The initial signal I am looking for is a break of the triangle low at 31797.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold made a new high today and I am beginning to favor the bullish count for wave (i) up now.
I have not ruled out the main count yet though,
as I do hold that niggling thought that gold can get dragged lower in a general selloff if the stock markets confirm a third wave down.
If that happens,
that will pretty much confirm the main count.

In terms of that alternate count,
I think we can still expect a correction lower into wave (ii) as shown.
And that will complete a bullish impulse wave above 1680.
That will create a bullish trading opportunity if that happens.
I will be tracking this idea so time is on our side here.

Tomorrow;
Watch for wave (iv) to find a top again and reverse into wave ‘i’ of (v).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am thinking on four different interpretations of the pattern in crude now.
Todays decline has not cleared up those thoughts either!
I will elaborate more clearly on those counts in tomorrows video.

I have shown the most bearish count this evening because I can’t ignore this possibility.
If this count is correct,
then we are on the verge of a third of a third decline in crude.
that idea would fit well with the wave count if the stock market though,
so that is one aspect that favors the most bearish outlook.

Tomorrow;
Todays decline has broken the previous wave ‘1’ low,
so there is evidence to back up this wave ‘3’ count now.
I do expect this area to offer more support to the price.
So;
Watch for any correction higher to begin in wave (ii) of [iii] towards the 92.00 area again.
If that happens,
then the big third wave decline can begin next week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I cannot add much more to the count in the S&P than I have already stated for the DOW!
The market seems to be waiting for something to nudge it over.
There is a pin somewhere and it is searching for this bubble again!

The count is complete in wave ‘c’.
the market has halted its rally again this evening and the price is still holding within the trend channel.
The high today again tagged the 38.2 % retracement level.
But still we go another day without a sharp reversal to begin wave ‘i’ down.

Patience is the key here.
The pattern suggests a downturn is coming.
Lets see if tomorrows trade will bring that.

Tomorrow;
Watch for wave ‘i’ to kick off with a drop below 4000 again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver did not create a new high today and in fact we have a small spike lower off the wave ‘ii’ high today instead.
I am fully in favor of the main bearish count here,
but I cannot tell when this final decline into wave (i) will begin.

Tomorrow;
Watch for wave ‘iii’ of (ii) to fall into 19.09 again to confirm my bearish count.
It seems we will have to wait until next week again to get going on wave [v] down for real.