Good evening to you folks,

the Lord’s blessings to you all tonight,

One headline caught my eye today,

“Mood No Longer Apocalyptic”: Wall Street’s Most Accurate Strategist Says Start Shorting S&P Now

No explanation needed here!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD may have completed a running flat in wave ‘c’ of (ii) today,
if I allow for the fact that wave ‘c’ has not reached a new low with wave ‘a’ at 1.0096.

I would prefer to see a new low in wave ‘c’ to complete an expanded flat correction,
so I am going to give this pattern another day to complete before looking higher into wave (iii) for the rest of the week.

Tomorrow;
Watch for wave ‘c’ of (ii) to to drop below 1.0096 again to complete the correction.
A rally back into the 1.03 handle again will signal wave ‘i’ of (iii) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has done enough today to suggest wave (i) of [iii] is now complete.
The bounce off todays lows is now viewed as wave (ii) underway.
And that should correct in three waves and top out near 1.2200 when complete.

Tomorrow;
Watch for wave ‘b’ and ‘c’ to trace out that three wave correction high as shown.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has rallied today and maybe even done enough to complete the correction in wave [ii].
I have labelled wave (c) of [ii] complete up to wave ‘iv’,
so we have room for a small rise again overnight to top out wave ‘v’ of (c) of [ii].
After that is done,
then I will look for wave [iii] down to begin with a break back below 131.70 again.

Tomorrow;
watch for wave (c) of [ii] to trace out five waves up as shown.
the 78.6% retracement level lies at 134.76,
lets see if that level offers resistance to the rally.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another day and another new high in stocks,
and I suspect everyone is getting really impatient with me and my bearish outlook now!
Don’t worry,
your not alone, I am a bit ticked off with myself too.

It happens every time I have one of these convinced contrarian points of view,
everything is pointing to the opposite outcome here,
but the price has not complied with the count,
not yet at least.
And I just can’t see any other way out of this bind.
there is a crash coming that will shock even the bear I think.
But I am a lonely voice right now, so be it!

Tomorrow;
the rally in wave ‘v’ of (c) reached equality with wave ‘i’ of (c) today.
and this is yet another pointer to the lateness of this pattern.

I wait patiently for wave ‘i’ down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I can count a small five wave pattern lower into the session low today.
This action fits better with the idea that wave ‘i’ is complete at todays low.
and now we can look for a correction into wave ‘ii’ beginning tomorrow.

The count still calls for an acceleration lower into wave ‘iii’ this week.
And wave ‘iii’ should fall into the 1740 area with ease.

Tomorrow;
Watch for a small correction higher in wave ‘ii’ towards the 1790 level.
If we get a corrective lower high tomorrow,
then wave ‘iii’ down should begin on Thursday.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am looking at five waves down in crude also today.
This looks like a better fit for a complete wave (i).
and if this is correct,
then we should see a correction higher in wave (ii) begin tomorrow.
the initial target for wave (ii) lies at the 90.00 handle again.
This price marks the 50% retracement level,
and the area of the previous fourth wave high also.

Tomorrow;
Watch for wave (i) to find a low and then a correction to begin into wave (ii) as shown.

If the price continues to drop tomorrow,
then I will have to consider wave (iii) of [iii] as underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P crawled higher again today while remaining tucked inside the trend channel.
There is nothing to report in regards to any reversal building here,
so I am afraid I will disappoint here with my analysis!

In my opinion,
there is already enough boxes checked to call this correction done,
but I lack the stamp of approval from the market that an initial impulsive decline below the fourth wave low will give.
And that is what I am waiting for,
a break of 4114 to call a top in place for wave (ii).

Tomorrow;
The outlook here is simple,
a five wave decline to break initial support at 4114 again will be enough to call that top in place.
Lets see what the market gives us tomorrow.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The price has traced out three waves down in silver today,
and that may have complete wave ‘a’ of (a) at the low.
Silver has bounced off the low this evening,
I don’t think this is enough to complete wave ‘b’,
I want to see a clear three wave rally out of the lows to call wave ‘b’ complete.
And then I will look for another drop off that lower high in wave ‘b’ to begin wave ‘c’.

Tomorrow;
Overall wave (a) should fall into the area of the previous wave (iv) low at 19.55.
Watch for wave ‘b’ of (a) to complete near 20.35 again.