Good evening to you folks,

God’s blessings to you all tonight.

Some stories to think on!

Atlanta Fed Slashes Q3 GDP Estimate Despite Surge In Government-Spending

“This Is The Sharpest Turn In The Housing Market Since The 2008 Crash”

“Prologue To Third World War”: Kremlin Reacts To Security Guarantees For Ukraine

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Another day where wave ‘iii’ did not begin.
I am now getting skeptical on this wave count to be honest.
The only problem is I cannot rule the bullish count out yet either!

the action for the last few days is corrective and I suspect we will test the lows again with another drop.
But I am not sure that the lows at 0.9863 will hold and that is the main issue here.

Tomorrow;
Watch for another drop into the 0.99 area again to break below the corrective action of the last few sessions.
0.9863 must hold for this count to remain valid.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has dropped again today which is in line with the pattern,
but this count is calling for an acceleration lower into wave (iii).
and todays action is not very impulsive looking yet at least.
so I will wait to see if tomorrows trade brings the required impulse wave lower into wave (iii) of [v].
If the price tests 1.1589 again that will suggest wave (ii) is tracing out a larger expanded flat pattern.

Tomorrow;
Watch for wave (iii) to develop into a five wave pattern,
and to carry the price into the 1.1300 area to complete.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has not given up the pattern completely yet.
There is still a glimmer of hope that wave (iii) of [i] will take over and extend lower to rescue the bearish count.

Wave ‘i’ and ‘ii’ are holding the lower high,
and wave ‘iii’ of (iii) is expected to fall below 141.50 again to confirm wave (iii) is underway.

Tomorrow;
Watch for wave ‘ii’ to hold and a decline to begin into wave ‘iii’ of (iii).
A break of 142.50 at the wave ‘i’ low will signal wave ‘iii’ is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is again sitting idle at the lows of the week.
There has been little or no reaction to that big spike lower into wave ‘i’ of (iii).
I was hoping that wave ‘ii’ would not retrace much of that wave ‘i’ decline,
but even I thought wave ‘ii’ would manage more than it has!

I suppose you better be careful what you ask for eh!

Tomorrow;
At this point the action over the last two sessions can only be called corrective in wave ‘ii’.
And if that is correct,
then wave ‘iii’ of (iii) is coming our way soon.

the market is dropping again this evening,
so I will again warn that a sharp move lower into wave ‘iii’ is possible tomorrow.

If we see a break of the wave ‘i’ low at 30870 again that will signal wave ‘iii’ is beginning.
The first target for wave ‘iii’ lies at 29640.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold fell again today and extended the losses in wave ‘v’ of (v) overall.
The retracement into wave ‘b’ that I was suggesting yesterday did not materialize.
So I am labelling todays decline as wave ‘c’ of ‘v’,
With wave ‘b’ complete at Wednesdays high.

The overall target for wave ‘v’ of (v) is coming into view now at 1650.
And as we approach another completed pattern,
hope is building that gold is now very close to a crucial final corrective low in wave (4) blue.

We may see an overshoot below 1650 of course to complete this pattern,
but we are getting close enough now to begin to look for a final low.

Tomorrow;
watch for wave ‘c’ of ‘v’ to complete a five wave decline.
Lets see how the price reacts to hitting 1650,
se should see a low form somewhere in that price territory.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Todays action has complete a larger expanded flat correction in wave (ii) of [c].
The price must now hold above 81.00 at wave [b] in order for this count to remain valid.
So tomorrow I want to see wave (ii) complete very early and then a rally to begin in wave ‘i’ of (iii) to break above 88.75 again.

Tomorrow;
Watch for wave (ii) to complete soon.
Wave (iii) up should turn higher and complete a five wave rally near the 97.00 handle again if I am correct here.
So wave ‘i’ of (iii) must begin that rally tomorrow.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Another corrective day in the S&P,
and with that I am looking at todays highs as wave ‘2’ complete.
The market did spike lower after hitting that high,
so there is a growing possibility that wave ‘3’ of ‘iii’ is now in play here.

If the market is going to accelerate lower again into wave ‘iii’ of (iii).
Then we could see a sharp drop early in tomorrows trade.
If we see the market break 3800 again then I am willing to call wave ‘3’ of ‘iii’ of (iii) underway.

The initial target for wave ‘iii’ lies at 3734 where wave ‘i’ and ‘iii’ reach equality.

Tomorrow;
Lets see if that wave ‘2’ high can hold at the top of that correction at 3959.
Watch for wave ‘3’ to fall below 3800 to signal the pattern is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The corrective decline in silver is extending lower today,
and now we are getting close to breaking initial support at the wave ‘i’ high at 18.73.

That is not a complete deal breaker for wave [c],
but I would like to see the wave (i) high hold at 18.57.
A break of that level will invalidate this count,
and I will then have to consider wave ‘5’ as underway already.

Tomorrow;
Watch for wave ‘iv’ of (iii) to hold above 18.73.
Wave ‘v’ must turn higher again and break 20.02.