Good evening to one and all,

God’s Blessings to you all tonight.

And welcome back to a new week.

Inflation is our friend!

Wouldn't you like to own a $4,000 suit, and smoke a $75 cigar, drive a $600,000 car?

I know I would!

Everybody will be a millionaire! pic.twitter.com/rkFObjt9lA
— Phil Kerpen (@kerpen) November 15, 2021

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Todays trade brought another step lower in EURUSD and with that I have abandoned the ending diagonal pattern.
The action off the wave ‘ii’ high is a clear five wave pattern labelled wave ‘iii’ pink.
So we have a final fourth and fifth wave left in this pattern to complete wave (v) of [v] this week.

Tomorrow;
Watch for wave ‘iii’ to complete and then a correction higher in wave ‘iv’ to begin.
wave ‘iv’ will likely rise into the 1.1460 area again in three waves.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The rise into wave (a) is pretty weak so far so after another session I cannot read a whole lot into the pattern yet.
The action off the low of wave [i] is corrective looking at least and most likely in three waves.
so if wave (a) of [ii] is underway here,
then wave [ii] will take the internal form of a 3,3,5 flat correction.
Wave [ii] should complete this week and the target remains at 1.3600 again.

Tomorrow;
We should see waves (a) and (b) form a higher low above 1.3353 by Wednesday at the latest.
Lets see how this correction develops tomorrow to see if we can put a finer count on it.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has formed a higher low today but again the action is inconclusive.
I cannot say if the low is in for wave ‘ii’ yet based on todays trade.
If the price continues higher tomorrow and breaks above 114.30 again,
that will signal wave ‘iii’ has begun,
and in that case we can look for wave ‘iii’ to rally into 115.00 again with ease by the end of this week.

Tomorrow;
Watch for wave ‘iii’ to hold at 113.74.
Wave ‘iii’ up should begin to spike higher and form a more impulsive pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

If wave (v) of [v] is now underway then todays higher low should hold for the rest of the week as we see a five wave pattern complete to the upside in wave (v).
As long as the wave (iv) low at 35910 holds,
then we can call wave ‘ii’ of (v) now in place.
With the expectation that wave ‘iii’ of (v) is coming our way by midweek.
Wave ‘iii’ should break out to a new high as shown.
and there is still a reasonable chance that wave (v) of [v] will hit that upper trend channel line again.

Tomorrow;
Watch for wave (iv) to hold and wave (v) to continue higher in a five wave pattern for the rest of this week.

If the low at wave (iv) is broken again with a sharp decline,
then I will have to consider the idea that a top is forming around the recent high at wave (iii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Well gold will not give up its current highs that easily.
The price is again sitting at the highs above 1860,
but the price action that got us here is less than impulsive today.
I am still taking the view that this high is part of a correction within wave ‘ii’ at this point.
And I am still looking for a three wave correction in wave ‘ii’ to complete this week.
A decline back into 1840 again will satisfy this pattern in wave ‘ii’.
And then I will begin to look higher into wave ‘iii’ of (iii) later in the week.

Tomorrow;
Watch for an expanded flat correction in wave ‘ii’ to complete by midweek.

The alternate count shown in red will allow for a small rally to complete wave ‘iii’ of (iii) this week,
and then it calls for a correction in wave ‘iv’ to begin.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude dropped to a slight new low today in wave (c) of [ii]
but the price is still holding above that invalidation level at the wave ‘4’ low.
As long as wave ‘4’ holds then this bullish count remains valid.
The price spiked higher again off this higher low at wave [ii],
and now I am looking for a rally into wave [iii] to form over the coming days.

Tomorrow;
Watch for wave (i) of [iii] to push above the wave (b) high at 81.24.
A break of that high will be the first sign that wave [iii] is taking over.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I think the S&P is tracing out a small impulse wave higher to begin wave ‘v’ up today.
This pattern suggests wave ‘v’ of (v) is now underway,
and we should see a new all time high in wave ‘3’ of ‘v’ by Wednesday I suspect.

The trend channel calls for a run up towards 4800 again to complete this rally.
But after that,
this pattern will run out of road.
and I think the next big move will be down to form the first impulsive pattern lower off the top.

Tomorrow;
Watch for wave ‘v’ of (v) to complete this week.
Wave ‘2’ must hold above the wave ‘iv’ low at 4631.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The move off the high is pretty small so far and I am expecting a reasonable correction to take place in wave (ii) this week.
If wave (ii) is now underway,
then this small lower high is wave ‘b’ of (ii).
And wave ‘c’ of (ii) should extend the decline this week back into the 24.00 area again to complete three waves down.
And to setup correctly for a rally in wave (iii) of [iii] this week.

Tomorrow;
Watch for wave ‘c’ of (ii) to turn lower again and break the 24.50 level at a minimum.