Good evening folks and the Lord’s blessings to you. I am fascinated by the pattern emerging in the TLT bond etf. I think this is a bullish higher low tracing out here.

EURUSD.

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EURUSD daily.

EURUSD has now flat lined after the drop off in wave ‘i’ dominated last week.
I am looking for a retracement higher in wave ‘ii’ this week,
but I am not quite sure if wave ‘ii’ is underway yet as the price has not managed to work its way higher today.

the price fell in three waves today and I have labelled this action as wave ‘b’ of ‘ii’.
Wave ‘c’ will rally out above 1.1000 as part of an expanded flat correction.

Tomorrow;
watch for wave ‘c’ to turn higher to hit the previous wave ‘4’ high at 1.1000.

GBPUSD

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I can say the exact same thing regarding cable tonight.
the drop in wave ‘i’ seems done after a few days of net zero action.
I am looking for wave ‘ii’ to begin early this week.
And a rally back to 1.3200 again in three waves is what I am expecting overall.
So I will wait to see how this plays out.

Tomorrow;
Watch for wave ‘a’ of ‘ii’ to rise off the lows and break above 1.31 to begin the correction.

USDJPY.

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USDJPY daily.

USDJPY is rising steadily today into a possible third wave.
but this count is more likely than the alternate wave ‘iv’ at the moment.
Wave ‘v’ should break above the 151.00 level again to complete wave (iii).

Tomorrow;
Watch for wave ‘v’ to trace out five waves up over the coming days.
The low at wave ‘2’ must hold at 148.21.

DOW JONES.

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I think I will start tonight by cheering – ‘why not’.
What’s another new high between friends eh!

The market has punched higher today in this wave ‘v’ rally.
And the final internal wave ‘5’ of ‘v’ has traced out five waves itself.

The rally in wave ‘v’ is pretty narrow in range which is a symptom of a lack of opposition.
There is no answer to the narrative of a continued rally now.
That does not mean this rally is endless,
it just means the market believes its own bull**** completely.

Tomorrow;
The internal pattern of wave ‘v’ pink is complete today.
if the rally continues,
then I will revisit the wave count.
For now I am looking for a top in wave ‘v’ now.

GOLD

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GOLD daily.

Gold is hitting some resistance to the rally in wave ‘b’ today,
so we have a possibility for a reversal to build from here in wave ‘c’ over the coming week.
Wave ‘c’ should fall back to the wave ‘a’ lows again with a five wave decline as shown.
And that gives a minimum target at 2600.

Tomorrow;
Watch for wave ‘b’ to hold at 2666.
Wave ‘c’ should now fall in five waves over the coming days to hit 2600.

CRUDE OIL.

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Crude is holding below the wave [ii] level at 75.70 again today which is a good sign.
The price has not completed a full five wave pattern into wave (i) blue though,
so I am looking for another drop back into the 72.50 level to finish that wave,
and then wave (ii) can begin the process of creating a lower high as shown.

Tomorrow;
Watch for wave (i) to trace out a five wave pattern,
and then later tomorrow wave (ii) can begin a correction higher again.

If the price breaks back above the wave [ii] high then I will be forced to rethink the larger wave count.

S&P 500.

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If I am to view this rally in wave ‘v’ dispassionately,
then I would suggest todays highs as only wave ‘3’ of this wave ‘v’ pattern.
This count will allow for another step higher in wave ‘4’ and ‘5’ over the coming days.
And once we have a clearer five wave pattern in place,
then I can look for a top to form again.

Tomorrow;
Watch for wave ‘4’ to correct slightly lower tomorrow,
and then wave ‘5’ to peak out later in the week as shown.

SILVER.

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SILVER daily.

The action today in silver is tracing out a possible triangle correction within the wave ‘1’ rally.
Wave ‘1’ and ‘2’ should form a higher low to begin wave ‘iii’ pink this week.
If this pattern is correct,
Then overall I think the trade this week will be pretty flat to build this higher low in wave ‘2’.
with the main thrust higher into wave ‘3’ of ‘iii’ coming next week.

Tomorrow;
Watch for the wave ‘ii’ low to hold at 30.11.
wave ‘1’ should push higher again when this triangle is complete.