Good evening folks, the Lord’s Blessings to you all.

I know this is a ‘niche’ market to keep an eye on, but there is no better person to listen to than Melody Wright on the US housing market. If you are interested, its worth the watch.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD continues to wander along from day to day and not actually go anywhere.
I suppose this is the picture of a corrective wave alright,
but I did expect wave ‘a’ to make it back up to resistance pretty quickly to be honest.
I have labelled wave ‘a’ as a three wave structure tonight.
that might explain the slow grinding nature of the action this week.
WAve ‘c’ is still expected to make the move higher towards 1.0750 tomorrow though.

Tomorrow;
Watch for wave ‘b’ to hold above the wave (iii) low at 1.0631.
Wave ‘c’ of ‘a’ should turn higher and hit resistance by tomorrow evening.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am looking at wave ‘v’ of (v) a little different tonight.
This involves a larger five wave structure as shown.
and in this scenario wave ‘5’ of ‘v’ should fall again to hit the 1.2350 area and complete the larger pattern.

I have placed the initial resistance at wave (iv) which lies at 1.2547.
Wave (a) of [ii] should push above that level in three waves at least.
a break of that level will signal wave [ii] is underway.

Tomorrow;
Watch for wave ‘v’ to complete with one more step into 1.2350 again.
Wave (a) should begin off that low.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

There is literally nothing I can add to the wave count tonight!
USDJPY has moved in an extremely tight range this week and the pattern has not advanced at all.
So I am going to have to wait for another day to see if this count is confirmed or ruled out.

Tomorrow;
watch for wave ‘c’ of (iv) to drop back in five waves to hit 145.90 at a minimum.

DOW JONES.

DOW 1hr.

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DOW daily.

The Dow dropped sharply again today and the market has broken initial support at wave ‘b’ at 34500 again.
The action looks impulsive to the downside alright.
And the market has almost fully retraced the previous wave ‘ii’ rally.
I am satisfied that wave ‘1’ of ‘iii’ has achieved enough to to bring that wave to a close.
I am looking for wave ‘2’ of ‘iii’ to turn higher in three waves over the next session or two.
And then wave ‘3’ of ‘iii’ will be free to turn lower again by later Thursday evening.

The action is favorable to the bearish count here,
but as usual,
I can actually confirm the count until the price moves sharply lower into wave ‘iii’ pink.
We will have to wait another few days at least for that to happen.

Tomorrow;
Watch for wave ‘1’ to complete soon and then a three wave rally into wave ‘2’ will take the market back to the 34750 area again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has made a solid run higher this week and this wave up is not corrective in nature.
I think I can count five waves up into todays highs.
Even so,
I have not abandoned the larger bearish count for wave ‘ii’ yet.
instead I think this rally is only wave ‘a’ of ‘ii’.
So if this count is correct,
we will see a rapid decline later this week in wave ‘b’ of ‘ii’ as shown.

Tomorrow;
Watch for wave ‘b’ of ‘ii’ to drop back in three waves to hit the 1910 area again.
Wave ‘b’ should take a few sessions to play out,
and then wave ‘c’ of ‘ii’ will rally again on Friday.

If this rally continues from here to break back above 1950 again that will change the outlook here.
I will deal with that tomorrow if that happens.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has turned back lower again today after reaching a small new high for the week today.
The top reached 92.30 and then reversed sharply off that level.

These sharp moves lower have been a feature of the action this week,
and while this does not prove a top is in place for wave ‘C’.
I do think it is a sign of a very mature rally in wave [v] of ‘C’ of (4) now.
The upside is becoming very labored indeed here.
I suspect we will get a challenge of that initial support at wave (iv) soon enough.
That level lies at 86.25.
And that is the first level to watch for a signal that the pattern may be turning.

Tomorrow;
Watch for wave (v) to hold at 92.34.
LEts see if the market can manage an impulsive decline off these heights.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Well the market did break support at wave ‘i’ today and that seems to have finished wave ‘1’ down now.
The low of the session hit the 4415 area,
and now the price has rebounded off that low again.

I am suggesting that wave ‘2’ is now underway off todays lows.
And wave ‘2’ should trace out a correction higher towards 4466 again at Mondays correction.

The pattern in general is stepping lower this week to begin the next leg down in wave ‘iii’.
And so far the pattern is moving along as expected.
Each new day brings a test to this wave count.
And tomorrow is no different.

Tomorrow;
We must see a correction in wave ‘2’ complete a lower high.
And then we will see if the market accelerates lower into wave ‘iii’ of (iii) as expected.

SILVER.

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SILVER daily.

Todays trade is still pretty corrective looking and I am suggesting that wave ‘b’ of ‘ii’ is still in play here.
the price should drop back below 23.00 again to complete the correction in wave ‘b’.
and then wave ‘c’ will rally again towards the 50% retracement level to complete wave ‘ii’ as shown.

Tomorrow;
Watch for wave ‘b’ to drop and break 23.00 again.
I am looking at the 22.85 area to complete wave ‘b’.
Wave ‘c’ should then rally off that point back to the target at 23.60 later in the week.