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

US Factory Orders Tumbled In July!

https://twitter.com/bullwavesreal

EURUSD.

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EURUSD daily.

EURUSD has dropped again today in line with the wave ‘c’ idea now.
I have labelled a five wave pattern in wave ‘c’ as complete at this evenings lows.
The price hit the lower trend channel line at the low also,
so I think we can suggest that wave (iii) of [c] is close to complete here.
And we can look for a correction sideways in wave (iv) over the coming days.

Tomorrow;
Wave ‘c’ will actually hit equality with wave ‘a’ at 1.0645 so there is a little more room to the downside even now.
But I think tomorrow we will see a low form in wave ‘c’ of (iii).
And then Thursday should begin wave (iv) blue.

GBPUSD

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GBPUSD daily.

cable managed to hit a new low below 1.2548 this morning and the price has corrected higher off that low for the rest of the session.
The pattern in wave (v) of [i] is nowhere near done yet,
so I expect the decline to continue for the next few sessions,
and wave (v) should complete near the 1.2400 handle when this pattern is over.

Tomorrow;
Watch for the wave ‘1’ low at 1.2639 to hold and for the price to turn lower again into wave ‘iii’ of (v).

USDJPY.

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USDJPY daily.

USDJPY is moving higher again today and the rally brought the price out to a new high in wave ‘v’ of (iii) now.
It is nice when the action follows along closely to the suggested pattern,
but if this wave (v) pattern is correct,
then there is more upside left before wave (iii) of [v] actually completes.
So this rally should hold up tomorrow also.

Tomorrow;
WAtch for wave ‘3’ of ‘v’ to push up to that upper trend channel line near 149.00 again.
Then I will look for a consolidation pattern in wave ‘4’ to begin.

I want to see the wave ‘iii’ high hold at 147.39 as this wave ‘v’ completes.

DOW JONES.

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The market has failed to kickstart the week with a third wave acceleration lower today.
I can allow a few more sessions for this next decline to take over though as the bias is still to the downside for now at least.

If this is wave ‘i’ of (iii) now taking over here as the main count suggests,
then we must see a five wave decline to break 34400 again pretty soon.
Wave ‘3’ of ‘i’ should do that.

I am labelling wave ‘2’ of ‘i’ as complete as a running flat correction.
And that simplifies the latest action as the beginning of wave ‘3’ of ‘i’.

Tomorrow;
Watch for wave ‘i’ to continue lower and trace out five waves down by the end of this week.
Wave ‘3’ of ‘i’ should break below the wave ‘b’ support at 34400.

GOLD

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Gold is closing tonight just above the initial support at wave ‘a’ high of 1923.
this is the first target for wave ‘3’ of ‘i’ which we are close to hitting now.
And the larger wave ‘i’ pink should trace out five waves down as shown and break below the wave ‘b’ low at 1903.
A break of that wave ‘b’ low will be a solid move in favor of this bearish outlook.
And at that point we can make some projections for the wave (iii) blue target.

Tomorrow;
Watch for wave ‘i’ pink to trace out that five wave structure lower as shown.
This wave ‘i’ of (iii) can break back below 1900 again if all goes to plan

CRUDE OIL.

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It seems that todays spike rally has completed wave ‘v’ of (iii) at the high.
The pattern in wave (iii) is done now,
and we can look for a correction into wave (iv) blue over the coming days.
A simple three wave correction back into the wave ‘iv’ ow at 84.60 would be the most simple pattern.
But fourth waves can get long a drawn out,
so we will wait and see how the pattern develops from here.

Tomorrow;
Watch for wave ‘a’ and ‘b’ to complete a lower high below todays top.
The initial target for wave (iv) lies at 84.60.

S&P 500.

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ITs been a pretty weak trade today and the market has failed to confirm or deny the pattern that I am working on.
I want to see wave ‘i’ of (iii) take over this week,
that requires another large step down back towards the wave ‘b’ low at 4350 again.
Todays action has not achieved anything except a sideways grind to nowhere.
But a break below 4470 again at the wave ‘a’ high will give a boost to the wave ‘i’ idea.
So I will give the market more time to decide before abandoning the main pattern.

Tomorrow;
Watch for wave (ii) to hold and wave ‘i’ down to gain control over the action now.
the price should move lower again in an impulsive manner to confirm this pattern.

SILVER.

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SILVER daily.

Silver is holding at the lows of the session tonight even after a small rally in earlier today.
I ma calling wave ‘3’ of ‘i’ close to complete now,
and wave ‘4’ and ‘5’ are left to close out the larger wave ‘i’ pattern.
And if this pattern is correct here,
then this is only the beginning of a much larger decline into wave (iii) of [c].
At the moment this pattern is working,
but we need more confirmation.
I would like to see wave ‘i’ complete with a break below 23.00 again.

Tomorrow;
Watch for wave ‘i’ to trace out a full five wave pattern lower and break that 23.00 support again before the end of this week.