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

What we are dealing with in the financial markets over the last few weeks is actually an relief rally in almost every asset.
Metals, commodities, corporate bonds, the broad stock markets, and foreign currencies, EX USD that is!

Maybe you have noticed this before me,
I’m slow on the uptake I suppose.
It is the quintessential ‘everything rally’ after a period of stress,
and we are still holding lower highs in general.
So,
I think we can suggest that the end will come for this period of relief.
And the larger trend will assert itself again.

This could play havoc with the bullish patterns in metals to be honest.
we will see soon enough.

https://twitter.com/bullwavesreal

EURUSD.

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A larger three wave pattern higher has completed at todays highs.
and the top of this wave ‘ii’ pattern has failed this evening below the declining trend channel line again.
This slight new high has not altered the count for wave (v) blue.
And I am still looking for a new low into wave ‘iii’ to take over tomorrow.

Tomorrow;
Watch for that new lower high to hold at wave ‘ii’ pink.
Wave ‘iii’ should turn sharply lower and break 1.0495 again to confirm wave (v) is underway.

GBPUSD

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A rebound this afternoon in cable seems to have completed wave ‘ii’ of (iii) tonight.
The price held below the wave (ii) high at 1.2219,
So wave ‘iii’ down should come down again and break support at 1.2121 tomorrow.
A break of that level will signal wave ‘iii’ of (iii) is underway.
And if this count is correct,
then we shuold see an acceleration lower towards the 1.20 level again.

Tomorrow;
Watch for wave (ii) to hold at 1.2219.
Wave ‘iii’ of (iii) must break 1.2121 at a minimum.

USDJPY.

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To be honest I don’t really know what to make of that whipsaw move earlier in the session.
for a moment the action suggested that wave (c) was underway with that sharp drop.
but now we have a complete retracement of that decline with a double top now at the close.

I am going to wait and see how this action develops tomorrow before I go jumping to conclusions here.
The price is very close to making a new high in wave (b) now.
So this could change things at least in the short term.

Tomorrow;
Lets see if wave (b) will actually hold that lower high below 150.14.
148.16 is the level to watch for wave (c) to be confirmed.

DOW JONES.

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Another strange pattern in the Dow today.
Over the last week the market is sputtering higher and spiking lower and now the market is sitting at last Tuesdays highs again.
Its been a long road to nowhere!

I have not changed the wave count tonight even though we are quite close to the wave ‘i’ invalidation level at 34279.
The market has failed below the wave ‘i’ level again tonight.
And again we have a small, but sharp move back off the high to close out the session.
I think it is worth letting this pattern run it’s course for another day or so.
The main count wil be back in action again once we see a break of 33450 again.

Tomorrow;
The decline in wave ‘v’ is still a possibility as long as that wave ‘i’ resistance holds.
Wave ‘1’ of ‘v’ should come down pretty hard if this count is correct.
A break of support at 33450 will go a long way to confirming wave ‘v’ of (iii) is underway.

GOLD

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The corrective action in gold has continued over the last few days and I am now suggesting that wave (iv) of [i] is already underway.
Wave (iv) is tracing out a flat correction at the moment,
and wave ‘c’ of (iv) should fall back into the 1900 area again to complete this correction.
Wave (iv) must hold above 1865 at wave (i) blue.
If that level breaks,
then its back to the drawing board again for this bullish pattern.

Tomorrow;
Watch for wave ‘c’ of (iv) to fall into the 1900 area.
Wave (v) should begin with a rally back above 1932 again.

CRUDE OIL.

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The action off Mondays high has not developed impulsively yet so I am going to revert back to the previous wave count for wave (c) again.
The decline into the lows today is now viewed as wave ‘iv’ of (c).
Wave ‘v’ of (c) must turn higher again to break 87.00 again and wave ‘v’ will hit the upper trend channel line again near 87.60 again.

It looks like we will have to wait for a few more days to complete wave [ii] now.
But I do think we will see wave [ii] top out and reverse lower again by the close this week.

Tomorrow;
watch for wave ‘iv’ to hold at todays lows.
Wave ‘v’ of (c) will top out above 87.04 again later this week.

S&P 500.

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Its a case of a flat to nowhere market this week so far.
There is a possible three wave patter to a lower high in place at todays high.
But its too close to call yet.
I am marking a possible wave ‘1’ low at Fridays lows now.
I might be going out on a limb here but as long as this pattern is still valid,
then I am going to stick with it.
I will be prooved wrong soon enough if the market goes against this count again tomorrow.

Tomorrow;
The wave ‘1’ low lies at 4311 on my chart.
That may be slightly different on the cash chart as mine is a derivative based chart.

If this decline builds up momentum tomorrow and breaks 4311 again,
that will favor the main count again,
and then I can start looking at the lower targets for wave (iii) to complete again.

SILVER.

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The decline in Mondays session traced out a clear three wave pattern and that marks a correction in the larger wave.
The price turned higher again today,
and now I can see a five wave pattern in wave ‘v’ of (i) complete at todays highs again.
This pattern suggests wave (i) is now complete.
Wave (ii) should get underway pretty soon if this count proves correct.

Tomorrow;
Watch for wave (i) to top out and the wave (ii) should fall back in three waves again to create that bullish higher low to lead into wave [i] of ‘3’ up.
Wave (ii) should fall back into the 21.50 area when complete.