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

These are the deepest declines seen in M2 since the 1960s!

Put that in your pipe and smoke it!

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price is moving higher today in line with the larger wave ‘ii’ idea.
Wave ‘c’ must break above 1.1042 at wave ‘a’ again to complete this wave ‘ii’ pattern correctly.
So I will continue to look higher until that level is broken.
Once we have a flat correction complete in wave ‘ii’,
I will look for a reversal into wave ‘iii’ of (i) of [c] again.

Tomorrow;
Watch for wave ‘ii’ to complete this pattern near 1.1050.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price contraction continued today around that 1.2740 level.
The pattern in wave (iv) now favors a triangle as shown.
Wave ‘e’ of (iv) should complete soon at about 1.2770,
and then wave (v) should turn lower again.
I am looking for wave (v) to complete with a break of 1.2588.

Tomorrow;
Watch for wave (iv) to hold that contracting triangle pattern and then turn lower into wave (v).
The larger wave [i] is almost complete now,
one more step lower will do it.
and wave [ii] should turn higher by the end of this week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The action has been very subdued today in USDJPY
but the price is very close to breaking the wave ‘i’ high again this evening.
Although the bullish pattern in wave ‘iii’ has not been confirmed yet,
the price action is favorable at the moment.
So I think we can expect the price to continue higher into wave ‘iii’ up over the coming few days.
A break above 145.00 again will signal wave ‘iii’ of (iii) is underway.

tomorrow;
Watch for wave ‘1’ and ‘2’ to form another bullish higher low above 141.52.If this count is correct,
Then wave ‘iii’ should begin to accelerate higher by the end of this week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I don’t like the action today to be honest,
the price action can be viewed as a triangle off the top now.
and if that is correct,
then we will see another rally to a new high for wave (v) of [c].

I really do want to see that lower trend line of the triangle broken over the coming few sessions.
And I want to see an acceleration lower towards support at 34575 again in order to save this bearish count.

If the market fails to break lower as suggested,
then I will have to change the short term outlook here again.

Tomorrow;
Watch for wave ‘2’ of ‘iii’ to complete elbow 35500.
Wave ‘3’ of ‘iii’ must now take charge of the pattern and carry the market lower for the rest of the week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I gotta say,
I am bit perplexed by some of the price action across the markets this week.
It is possible that the low volume and then high complacency is causing some weak moves even within impulse waves.

The pattern in gold is a victim of this complacency for sure.
The main pattern is still in play for wave (i) of [c] to the downside.
But the internal pattern has not accelerated as I would like to see in wave (i).

The alternate count is hanging on by a thread for the same reason.
I would like to see a more convincing move lower into wave [c] over the coming weeks.
but for the moment,
I am stuck with the indecisive action until something changes.

Tomorrow;
It is possible we have a five wave decline completing at the current lows in wave (i) of [c].
This pattern would get a real boost with a break of the wave [a] low at 1892 again.

Watch for wave ‘v’ of (i) complete near initial support at 1902.
Wave (ii) should then turn higher in three waves over the coming days.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude finally ruled out the previous wave count today by breaking above 83.38 again.
The main count suggests that this rally is wave ‘iii’ of (v) of [iii].
If this pattern is correct,
then we will see further upside in wave (v).
I am looking towards a top near 87.00 again to complete wave (v) of [iii].
The 4hr chart shows a target for wave [iii] at 84.52.
This is where wave [iii] reaches 162% of wave [i].
So I can say that wave [iii] is coming into a general target area now.
but I will have to wait and see how this new wave count develops.

Tomorrow;
Watch for wave ‘iii’ to push higher towards 86.00.
Then wave ‘iv’ should correct lower as suggested.
The wave ‘i’ high lies at 82.93.
that level should hold as this five wave pattern develops.
If wave ‘i’ is broken again that will force me to rethink the count for wave (v).

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The action today has actually cleared up the overall pattern off the top now.
There is a possibility that a five wave decline in wave ‘i’ down is complete at todays lows.
And this pattern in wave ‘i’ can be read off the top of the previous rally.
So that is am immediate improvement over the previous count.

There is no sign that wave ‘ii’ has begun just yet,
but I can say that wave ‘ii’ should break above 4517 again at the wave ‘4’ high as an initial target.

This pattern is promising now,
but we do need to see a solid break of support to favor the idea that wave ‘3’ down is now underway.
So,
there is hope for a reversal here.
but more work is needed.
Watch for wave ‘i’ to complete soon and then wave ‘ii’ should turn higher towards 4517 again.
A larger decline into wave ‘iii’ is needed to build the case for wave ‘3’ down.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has made its way down to the next support level this evening.
The price is holding just above the wave ‘b’ low at 22.51.
A break of that level will favor the bearish count for wave (i) down.

Wave ‘iii’ has a completed an full internal pattern now,
so I am expecting the price to turn higher in a corrective manner in wave ‘iv’ over the coming days.
And at this point I think we can look to the lower support at 22.09 for wave (i) to complete.

Tomorrow;
Watch for wave ‘ii’ to find a low soon.
Wave ‘iv’ should then turn higher in a corrective manner.
I would like to see wave ‘iv’ complete below 23.78.