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

Inside Today’s Disastrous Jobs Report: 1 Million Surge In Part-Time Jobs As Full-Timers Crash Amid Staggering Downward Revisions

Container rates are now below pre-pandemic levels.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave ‘c’ of ‘ii’ is holding below the wave ‘a’ high at 1.1048 tonight.
It is possible that wave ‘ii’ has completed as a running flat correction,
and the final top is in for wave ‘ii’.
We will know if wave ‘iii’ is underway early on Monday if the price drops back below 1.9000 again with a sharp acceleration.
For the moment I can leave the main count intact and I can still expect wave ‘iii’ to begin by Monday evening.

Monday;
Watch for wave ‘ii’ to complete with a break of 1.1048.
Wave ‘iii’ down must then turn lower again,
a break of 1.0900 again will confirm wave ‘iii’ is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have made some changed to the main count this evening after the high of the session broke above the wave ‘i’ low.
The new count shows the rally today as wave (iv) of [i],
The price traced out three waves up and that may even be the end of the correction in wave (iv).
I am suggesting that wave (v) of [i] will turn lower again on Monday to break to a new low and complete five waves down below 1.2588.

Monday;
Watch for wave (iv) to hold at todays high.
Wave (v) will be confirmed with a break of 1.2620 at the wave (iii) low.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The price actoin over the last 24hrs has traced out a three wave decline off this weeks high.
I have udated the count this evening showing two possibilities for this action.
The first shows the decline as a three wave correction in wave ‘iv’ of (iii).
This count suggests another rally is coming in wave ‘v’ of (iii) on Monday.

The second option shows this decline as a correction in wave ‘ii’ of (iii).
And in this scenario wave ‘iii’ of (iii) is will come next week to break out above 145.00 again.

The larger degree alternate on the daily chart will be confirmed with a break of 137.25.

Monday;
Watch for a return higher in either wave ‘v’ of (iii),
or wave ‘iii’ of (iii).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

An early rally followed by a sharp drop this evening has opened up another possibility for the pattern here.

I have shown a new high for wave ‘v’ of (v) at Mondays high.
This weeks decline and lower high is labelled as wave ‘1’ and ‘2’ of ‘i’,
wave ‘3’ of ‘i’ now underway with that sharp decline into the close this evening.

this count suggests wave ‘i’ will continue lower early next week,
and wave ‘i’ should complete with a break of 34570 again.
As always,
we need more downside to confirm this bearish count.
But for the moment I can say that the door is definitely open now for a larger leg down to occur after todays bearish spike lower.

Monday;
Watch for wave ‘3’ of ‘i’ to continue lower towards that initial support at 34575.
I would like to see a solid break of the wave ‘iii’ high by the end of next week.
That will give a boost to the bearish possibility here.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The action today has forced a rethink of the short term pattern in gold.
I can still use the main count calling for wave (iii) of [c] to take the price lower for the next week at least.
The internal count of wave (iii) is different tonight though.
Todays rally is shown as wave ‘ii’ of (iii),
and wave ‘iii’ of (iii) should begin Monday.
This count will be confirmed with a break below 1923 again.

The alternate count suggests that this weeks low is wave (b) of [b],
and wave (c) of [b] is yet to come.
If this count is correct then wave (c) will carry higher towards 2000 again over the next 10 days or so.
And wave [c] of ‘2’ will have to wait until the second half of August at this rate.

Monday;
Watch for wave ‘ii’ of (iii) to complete below 1950 again,
Wave ‘i’ of (iii) will be confirm with a turn back below 1923 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I want to talk about a possible alternate count for the current action on the daily chart first.
There is a possibility that the sideways action this year is actually tracing out a large degree fourth wave correction labelled wave (4) of [3].
This count will still allow for much more downside in the months to come as wave (5) of [3] completes.
It is worth keeping an eye on this one though,
and if the price continues to push higher over the next week I will switch to this fourth wave idea as the main count.

The price has pushed higher to retrace all of Thursdays decline this evening.
The price is now only just holding below the invalidation highs at 83.38 this evening.
This wave count is now only minutes away from invalidation,
if the rally continues again on Monday.

For the moment,
that high is holding and the wave [ii] count is correct.

Monday;
I will wait for the early action on Monday to see if the wave [ii] count survives again.
We will need some serious downside action next week to save this count and to kick off wave [iii] down.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am looking at another possible count for the recent top at wave (v) of [c].
This interpretation involves a failed fifth wave as the final top.
And now the action off that top is a clear ‘i’ ‘ii’ to a lower high,
and now a spike lower today to begin wave ‘iii’ of (i).

Wave (iii) of (i) must continue lower on Monday to break 4448,
and I would like to see a low for wave ‘iii’ form in the 4377 area again.
That wave ‘iii’ decline needs to happen early next week in order for this pattern to remain valid.
And a break of the wave (iv) low at 4327 again will give this reversal pattern a nice boost.

Monday;
Watch for wave ‘iii’ down to continue as suggested.
lets see if the price can break initial support at 4448 again as a signal that this count is in fact correct.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The count is silver hit a stumbling block today also with that spike higher off the session lows.
The pattern can still be interpreted the same way,
with todays lows completing wave ‘3’ of ‘iii’,
and wave ‘4’ now underway with that spike higher.
The count requires another drop back below 23.00 again in wave ‘5’ of ‘iii’.
And the larger wave (i) will trace out another series of steps lower to complete the larger five wave pattern.
If all goes to plan,
then we will see a new low in wave (i) of [c] by the end of next week.

Monday;
Watch for wave ‘1’ to hold at 24.03.
Wave ‘iii’ down should complete five waves down with another break of 23.00.