Good evening to one and all.

The LORD’s blessings to you all tonight.

Remember – Everything is JUST FINE!

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https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I have not learned a great deal from the action today with the price locked within the range of wave ‘1’ for the session.
The main count is still my favored count here,
but as with all patterns there are multiple ways of looking at setup.
The main count is calling for a rally in wave ‘iii’ of (iii).
And if this count is correct,
then we should see an acceleration higher take over this week.

The main issue I have with the bullish count is the internal pattern of wave ‘i’ pink.
That wave can easily be viewed as a three wave advance.
And if we see a break of the 0.97 level again that will suggest wave (ii) is tracing out a bigger corrective pattern.

Tomorrow;
Watch for wave ‘2’ black to hold at 0.9806.
A break of that level again will favor the alternate wave (ii) count.

Wave ‘3’ of ‘iii’ must push above 1.00 again to confirm this count.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is sitting at a very similar point in its wave structure now.
If this count is correct we are on the verge of a rally in wave ‘iii’ of (iii) of [c].
The action today does look corrective in wave ‘ii’ pink,
and that adds weight to the idea that wave (iii) is now underway.
Once we see a break above 1.1495 again that will confirm this count.
The target for wave [c] lies in the area of 1.21..
This is where wave [a] and [c] will reach equality again.

Tomorrow;
Watch for wave (ii) to hold at 1.1060.
A break above the wave ‘i’ high again will signal wave ‘iii’ is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The overnight session on Sunday was just as volatile as last Fridays session,
and while the price did hit a new low,
the main session today rallied back above 1.48 again to retrace over the 62% Fib level of the whole decline.
I am quite unsure of the correct count here and we do need more action to confirm the bearish count,
but I think it is worth considering that wave (4) blue is now getting started.
And if we see a follow through to the downside again that will support the bearish count.

Tomorrow;
Watch for wave [ii] to hold at 149.70.
Wave [iii] down should turn lower and break 145.00 again to confirm this count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is scraping its way higher this evening to tag that upper trend line of the ending diagonal wave ‘c’ pattern.
We have five waves up in wave ‘c’ again,
and we have a larger three wave correction in place for wave ‘ii’ pink.
The market is close now to hitting that 78.6% retracement level of wave ‘i’ this evening,
and if this wave count is correct here for wave ‘ii’,
then we must see a reversal into wave ‘iii’ this week.

As for the alternate count;
If I view the wave ‘b’ low as a fifth wave of wave (i),
then todays action has brought the market just above the 50% retracement level of wave (i) blue.
This is another prime turning point for this rally.

Tomorrow;
Watch for wave ‘c’ to give up and reverse back below 30000 again to signal the top is in for the correction.
And that will be a very strong indication that wave ‘iii’ is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has formed a higher low so far today.
So the failed fifth idea for wave (v) blue is gaining strength this week.
As long as that recent low at wave (v) holds,
that allows me to continue to favor the upside pattern in wave (i) blue.

A five wave rally to break above the recent high at 1729 this week will be the best signal yet that a low is in for wave (4) and wave (5) is beginning.

Tomorrow;
Watch for wave ‘ii’ to remain corrective and hold above 1618.
A break above 1670 again will signal wave ‘iii’ is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The short term action in crude continues to hold above the wave [b] low at 81.33 tonight.
And that three wave correction in wave (ii) remains in place.
The price turned higher off that wave (ii) low today and I am looking for a rally to begin in wave (iii) this week.
Wave ‘i’ of (iii) should break above 87.04 to signal wave (iii) is in play.

As with many of the markets that I am watching here,
crude is another one that is at a critical point in the structure.
If this wave (iii) break out fails over the coming days,
that opens the door to the bearish count for wave ‘3’ again.
And we count be looking at a big decline again if that happens.

Tomorrow;
Watch for wave (ii) to hold above 81.33.
Wave ‘i’ of (iii) must continue higher beginning tomorrow.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is holding steady today without much of an advance on Fridays rally.
The market has reached the 38.2% Fib retracement level today
and the price is closing in on the upper trend line of the channel with slowing momentum,
and we are pretty close to completing a three wave pattern in wave (ii) also.
So there is a small but growing body of evidence that we are getting close to completing wave (ii) here. The big question is, will we see some price action to the downside to confirm the bearish idea.

So this weeks trade will be very interesting if this count is correct.

At the moment I think this rally in wave (ii) qualifies as a technical clearing rally.
There is very little in the way of a resurgence of animal spirits.
But there is no fear to speak of either!

As I David Rosenberg noted recently,
the market is down off the all time highs without any major selloff taking hold yet.
There is very little to no fear on display anywhere,
and the market is actually still experiencing inflows over the last few weeks.
That tells me one thing,
people think this is only a correction and its already over.
As usual I take the opposite side of that bet!
And I am one who thinks this new bear market is only just beginning,
and things are going to get very scary indeed over the coming months.

Tomorrow;
Watch for wave ‘c’ of (ii) to top out by the middle of this week between the 38% and 50% retracement levels.
We should see the market turn lower into wave (iii) by the end of this week if this count holds.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am tracking a possible five wave pattern higher in wave (c) of [ii] this week.
The correction off Fridays highs is viewed as wave ‘iv’ of (c).
But there is one issue with this idea.

Todays low in silver was very close indeed to breaking the wave ‘i’ high.
If the price breaks below 18.98 again in a significant manner,
then I will suggest wave (i) of [iii] is underway.

Tomorrow;
For the moment I can continue tracking this five wave rally in wave (c) of [ii].
Watch for wave ‘v’ to break above 19.66 again to complete this correction in wave [ii].
A break back below 19.00 again off that high will signal wave (i) of [iii] is underway.