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

Just a reminder,
the market will be closed tomorrow for Thanksgiving.
That means no update tomorrow night.
Back to normal again then on Friday with a video and the nightly update and round up of the week.

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A small decline off the high at wave (c) is now in place.
I was hoping for more in wave ‘i’ down to be sure of the reversal into wave (i) of [c].
but there is a five wave pattern visible off the high and I am now looking for a corrective lower high in wave ‘ii’ to lead the way down into wave ‘iii’ on Friday.

Friday;
Watch for that wave (c) high to hold and wave ‘iii’ of (i) to fall back below 1.0700 again to confirm that wave (i) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price has fallen off that upper trend line today with a nice impulsive looking spike.
I am still waiting for a full five wave decline into wave ‘i’ to take shape,
but that decline was enough to at least hint at wave ‘i’ down in play here.

The real test comes at the wave ‘iv’ low of 1.2372.
A break below that level will signal the market has turned and that wave ‘i’ of (i) is underway.

Friday;
Watch for the pattern in wave ‘i’ to continue building and lets see if the initial support at wave ‘iv’ can be hit.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Well three waves down into wave (a) is definitely complete now after todays action.
The price rallied off the wave (a) low today with a nice impulsive look it.
And I am thinking that wave (b) is further along than previously thought of now.
I can see a five wave rise into that wave ‘a’ high,
then a small retracement taking the ‘b’ wave label,
And now wave ‘c’ of (b) has turned higher again this evening.

The rally off the low has already hit the 50% retracement level,
so that alone indicates that the larger wave (b) is now in play.
The 62% retracement level was the initial target for wave (b),
and that lies at 150.09.
A break of that level will suggest that wave (b) is done.

Friday;
Watch for wave (b) to close out a three wave correction higher at the 62% retracement level and then next week I will turn my attention to wave (c) down again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

We are heading into the close this evening with another new high in the bag for wave (c) of [ii].
WE are way too close for comfort in this market now,
and I for one can barely face looking at this chart again until we see a sizeable turn down into wave (i).
It is becoming painful to see the market inch higher over the last few days!
So I am glad that the market is closed tomorrow!

It seems that the investing community is now absolutely content with the idea that there is nothing to stop this market from rising now.
The inflation shock is over and the Fed is about to pivot,
which will all lead to a bumper year ahead for the market.

It is always hard to be a contrarian………
And now is no different.

The pattern has changed tonight with the new high in place.
There is a larger wave ‘v’ rally shown into todays high now.
And with that,
the imperative need for a sharp decline is ever more present.
There is only one trading day left this week,
so I will have to see how Friday goes to see if this wave [ii] count survives.

Friday;
Watch for wave (c) of [ii] to complete again.
Something big is now required to turn the price action back into the main pattern again.
So wave (i) will have to wait until next week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has dropped in three waves so far today and because of that I must point to the possibility of a wave (iii) rally as per the alternate count.
If we see a sharp rally back above the wave (i) high again at 2009,
that will favor the alternate count again.

AS for the main count.
I am going to give this pattern another few days to be tested in the fire as they say!
A drop back below the wave ‘b’ low at 1965 again will give the main count a boost.
at that point we can look lower into wave (c) of [ii] as shown.

Friday;
Watch for wave ‘i’ of (c) to fall into the wave ‘b’ support at 1965.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has completed a rapid wave ‘b’ correction today with that sharp drop to form a higher low above wave (iii).
That’s three waves down in place for wave ‘b’,
and now on to wave ‘c’.
The rally off the lows today are definitely in line with wave ‘c’.
The price must continue higher tomorrow to break above the wave ‘a’ high at a minimum.
I have been looking at the previous wave ‘iv’ high at 79.60 as a reasonable target for wave ‘c’ of (iv) to complete so that target remains.

Friday;
Watch for wave ‘c’ of (iv) to continue higher and break 78.42 at a minimum.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has stalled again this evening with the market sitting just above the 78.6% retracement level of wave [i].
Wave [ii] must stop now and reverse soon into the wave [iii] decline I have been looking for.
Well,
just because it has not come yet does not mean it is not going to come!
I remain hopeful that this loss of momentum in the last week is the precursor to the reversal.
And if that is true,
then wave (i) of [iii] is coming our way for sure.

I have shown a possible five wave pattern in wave ‘v’ of (c) of [ii] complete at todays high.
the pattern is complete now at four degrees of trend.
Waves [‘5’ of ‘v’ of (c) of [ii] has a completed internal pattern,
and what I really want to see now is a sharp drop off this high to signal wave ‘i’ of (i) has taken over.

Friday;
Watch for wave (c) of [ii] to hold below the wave ‘2’ high and for a reversal lower into wave ‘i’ of (i) to begin.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is sitting at a very interesting point in its pattern now.
The price has turned lower today off the wave ‘b’ high,
and wave ‘c’ is expected to complete with a drop back below 23.00 again to complete three waves down and a bullish higher low.
So far the price has only dropped in three waves off the wave ‘b’ high,
and I am expecting to see a five wave decline into wave ‘c’ over the next few days.
That will complete a bullish higher low in wave ‘ii’,
and we can look higher into wave ‘iii’ next week.

Friday;
Watch for wave ‘c’ of ‘ii’ to complete a three wave decline off the high near that 23.00 level to setup for a rally in wave ‘iii’ next week.