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

https://twitter.com/bullwavesreal

EURUSD.

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EURUSD daily.

EURUSD has filled the trend channel again after todays drop in wave ‘5’ of ‘c’ of (iii).
The low of the session just held above 1.07,
I was expecting a drop into 1.0645 where wave ‘a’ and ‘c’ reach equality.

We may not get there if todays low has completed wave (iii) blue.
So I think it is now time to begin looking sideways in wave (iv) at least.
Wave (iv) can rally back up to the previous wave (i) low at 1.0913,
so that is the area I am looking at now.

Tomorrow;
Watch for wave (iii) to trace out a three wave corrective rally over the next few days and complete near 1.0900.
If the current decline continues,
then I will have to rethink the larger pattern in wave [c].

GBPUSD

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cable dropped again today also and we are getting close to a low in wave ‘iii’ pink now.
The pattern will allow for another step lower in wave ‘5’ of ‘iii’ as shown.
And wave ‘iv’ should take over by Friday I think.

Tomorrow;
Watch for wave ‘iii’ to drop once more and complete it’s pattern near 1.2450.
Wave ‘iv’ pink will then correct higher in three waves,
and that correction should complete below the wave ‘i’ low at 1.2548.

USDJPY.

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USDJPY daily.

A small correction in the pattern today may be all we get in wave ‘4’ of ‘v’.
The price has risen again out of the session low,
and I am suggesting that wave ‘5’ of ‘v’ is now underway.
I have lowered the target for wave ‘v’ to complete this evening,
but I do think we will see a break above 149.00 to complete the larger wave (iii).
Next week looks like a reversal will come into wave (iv) blue.
We will cross that bridge when we get to it.

Tomorrow;
Watch for wave ‘5’ of ‘v’ of (iii) to push higher and close the trend channel with a break of 149.00 again.

DOW JONES.

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the market broke below initial support at wave ‘b’ today and that adds a degree of confidence in this bearish pattern again.
It is difficult to convince yourself that a turn in the trend is coming when all the market seems to do is rally.
That was the conditions at the recent wave (ii) high.
The pattern called for a turn,
but people had a bad case of FOMO!

Here we are a week later and now the market has retraced most of the previous rally in wave (ii).
Initial support has broken,
and it seems that the pattern in wave ‘i’ is not even done yet!

I want to see one more step lower into waves ‘4’ and ‘5’ of ‘i’ as shown.
If that happens,
then the market will be close to hitting the wave (i) low again at 34000.
And we will be one step closer to that next leg down in wave ‘iii’ of (iii).

Tomorrow;
The potential is rising now for a big third of a third acceleration lower in wave ‘iii’ of (iii).
That will come once the lower high is completed in wave ‘ii’.

Watch for wave ‘4’ and ‘5’ to trace out one more step lower and complete five waves down in wave ‘i’ below 34200.

GOLD

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Wave ‘3’ of ‘i’ has completed at todays lows and we are one step closer to building the reversal pattern that I have been talking about.
I suspect wave ‘4’ and ‘5’ will bring the price lower again by the end of the week.
And I am still looking at the wave ‘b’ low as the main target for wave ‘i’ to complete.
A break of 1900 again will pretty much confirm the turn is in for wave (iii) down.

Tomorrow;
Watch for the price to correct sideways in wave ‘4’ and then drop back below 1915 at todays low to complete the wave ‘i’ pattern.

CRUDE OIL.

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A rally out to a very slight new high today has not derailed the main wave count yet.
I am calling this rally wave ‘b’ of (iv),
where wave (iv) is an expanded flat correction.
In this scenario wave ‘c’ will drop back below the wave ‘a’ low again to complete the pattern.
And this should happen by the end of this week.

Tomorrow;
Watch for wave ‘c’ to trace out five waves down and complete below 85.50.

S&P 500.

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S&P 500 daily.

Even with another drop in the market today the main pattern for wave ‘i’ down has not been confirmed yet.
If the pattern is correct,
then todays sharp decline happened in wave ‘3’ of ‘i’ of (iii).
And I don’t think wave ‘3’ is even complete now.
I would like to see another drop tomorrow to complete wave ‘3’ of ‘i’,
and then wave ‘4’ should correct sideways by Friday.
I am asking for a substantial decline in the S&P here in order to retrace most of the previous wave ‘c’ rally.
That gives us a target for wave ‘i’ at 4355.
And we are a long way off that even now.

At the very least,
I can say that todays decline has given the bearish wave count a boost in probability.
So I will give this pattern a few more sessions to develops before ruling out wave ‘i’ of (iii).

Tomorrow;
watch for wave ‘3’ of ‘i’ to extend the decline and hit the 4400 area to complete wave ‘i’ down.

SILVER.

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SILVER daily.

Silver is now down in the range where we will see a low in wave ‘i’ form.
the price has hit the wave ‘a’ high at 23.00 again,
That was the initial target for wave ‘i’.

But we have not seen a full retracement of the previous wave ‘c’ rally yet.
There is still potential in wave ‘i’,
so watch that wave ‘b’ low at 22.57 again.

At the moment,
the price is now close to completing a full five wave pattern down off the wave (ii) top,
And that is the main reason why I think a low will be formed sooner than later.

Tomorrow;
Wave ‘5’ of ‘i’ will complete soon and then turn higher into wave ‘ii’ as shown.
We should see a bounce into wave ‘ii’ from the support range between 22.57 and 23.00.