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

A few charts to start the night.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Waiting for EURUSD to turn higher is turning out to be quite the lesson in patience.

The price took a dive lower today to make a new low for the whole pattern in wave [c].
Because of this action I have changed the wave count slightly tonight.
I was looking at a possible ending diagonal pattern in wave [c].
That involved a three wave pattern within each subwave.

Things have changed slightly tonight.
Wave (iii) has now traced out a five wave internal pattern,
and so I have returned to a standard impulse wave pattern in wave [c] of ‘2’.

Tomorrow;
Watch for wave (iii) to show signs of completion again with the price holding above 1.0617.
wave ‘a’ of (iv) should now rally back above 1.0736 at a minimum.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable suffered the same blow today and last nights short term count was ruled out again today.
Wave (v) of [i] now has completed at a lower low.
And the price has rebounded off the low again this evening.

It is interesting to note that wave [i] down has broken the previous wave [iv] low at 1.2308.
that fact actually adds weight to the idea that this turn down in wave [i] is a big deal now.
I still expect wave [ii] to bounce from here,
but the longer term wave count which calls for a sustained decline into a third wave has received a boost today.

Tomorrow;
Watch for wave ‘i’ and ‘ii’ of (a) to create a higher low above 1.2230.
That should lead to a five wave rally in wave (a) towards 1.2550 again early next week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is still looking very toppy in general even though we saw a new high today.
That bounce to a new high in wave ‘b’ has been fully retraced this evening.
And now I am looking for wave ‘c’ to take over and to carry the price lower towards the 145.00 area next week.
Wave ‘c’ should trace out five waves down as part of this flat correction.

Tomorrow;
Watch for wave ‘c’ to form a lower high below 148.46.
Wave ‘c’ should take the next few sessions to complete with the minimum target at 145.89.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

That wipes out the rally from a few days ago now doesn’t it!

Todays action is welcome for sure,
but it is still not enough to confirm a third of a third decline as I am expecting!

I am stuck in the mud on this one I know.
But so far we only have three waves down off the high at wave (ii) blue.
And three wave down off the high at wave ‘ii’ pink.

We have come a long way off that wave (ii) high,
but the market has not taken out the wave (i) low at 34020 yet.
A break of that level will boost the probability that wave (iii) is underway.
And after that we can argue about the pattern within wave (iii).

So,
I am happier with the action in general here to begin a possible wave (iii) down.
but I am not satisfied that the action has confirmed the next decline yet.

The alternate count for wave (ii) is still a possibility here also.
A break of the wave (i) low at 34020 will put pressure on that alternate wave count.

Tomorrow;
Watch for wave ‘3’ of ‘iii’ to make further progress lower.
I am waiting for a break of 34020 to signal that wave ‘iii’ is actually in force here.
The high at wave ‘2’ black must hold.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

It’s a roller coaster of a day today!
I did switch wave counts for wave (ii) last night,
but todays action has failed to break to a new high to confirm the new count.
And now we have a move lower that actually favors the old count again!

Sometimes the market is just one big bag of cats without rhyme or reason!

It is possible now that todays decline is actually wave ‘1’ of ‘iii’ again.
I woule like to see a challenge of that wave ‘i’ low again at 1900 by tomorrows close to support the idea here.
If the price breaks 1900 again that will boost the main count again.

Tomorrow;
Watch for wave ‘1’ and ‘2’ to hold below the resistance at the wave ‘ii’ top at 1948.57.
Wave ‘3’ of ‘iii’ is now left until next week to get underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is very choppy today but so far the price is holding below this weeks highs.
I am suggesting a possible wave ‘ii’ lower high today,
after a running flat correction in wave ‘ii’ pink.
This count requires another drop tomorrow in wave ‘iii’ of (i).

Tomorrow;
Watch for wave ‘ii’ to break the support at 86.25 to confirm this pattern.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Ok,
well todays follow through to the downside is pretty much in line with a third wave decline.
The price is now challenging the August lows at wave (i) blue.
And the current wave count suggests this move lower is happening in wave ‘3’ of ‘iii’ of (iii).

I am looking for a low in wave (iii) blue back near the 4100 level again.
at that level wave (iii) will hit the 162% extension of wave (i).
So this wave needs to make as much progress as possible to begin to extend the pattern towards the targets.

AS I said before,
the lower we get in wave ‘iii’,
the more likely this larger wave count in wave (iii) of [i] becomes.
So every point counts here.

Tomorrow;
I don’t want to see any large retracement rallies for as long as wave ‘iii’ is in force.

watch for wave ‘iii’ pink to trace out a five wave pattern over the next few days,
Wave ‘iii’ should break back into the 4250 area when complete.
A break of 4335 again at the wave (i) low is a good target for wave ‘3’ black to complete.
Lets see how it goes.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is all over the place this week which actually fits with the idea of a corrective rally in wave ‘ii’.
It seems wave ‘b’ of ‘ii’ has completed a running flat correction at todays lows.
And wave ‘c’ of ‘ii’ has rallied back towards the highs of the week at this point.
So I think todays action has confirmed this wave count.

Tomorrow;
Watch for wave ‘c’ to complete back above 23.65 at the 50% retracement level again.
The next wave down can wait until next week now!