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

A few counter trend headlines to start the night!

Continuing Jobless Claims Surge To 2 Year Highs.

ECB Rate-Cut Expectations Soar After EU Inflation Cools More Than Expected.

Unrealized Losses At US Banks Exploded In Q3

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is holding below the highs at wave (c) again today and so far the decline is promising.
This decline has not crossed the wave ‘iv’ support at 1.0850 yet,
once we cross that level,
then we can begin to make some projections for that higher degree wave (i) blue.

tomorrow;
Watch for wave ‘i’ of (i) to break below 1.0850 to signal the price has turned.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is also beginning to turn in favor of that wave [i] decline this evening.
Just like EURUSD,
the price has not broken that initial support yet at the wave (iii) high.
Wave (i) of [i] is should break that level with ease.
In fact we may even get a drop into that area with wave ‘i’ of (i) of [i].
so it remains to be seen how this pattern will develop here.
A sharper decline from here will suggest wave (i) blue is underway.

Tomorrow;
The price has not traced out a five wave internal pattern off the top yet.
Wave ‘i’ down will complete with that first five waves down.
Watch for wave ‘i’ to complete below the rising wedge trendlines with a break of 1.2600 again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The market has traced out three waves up off this weeks low as we close out this evening.
Both wave counts on the short term chart were expecting this three wave rise,
so its still impossible to tell which count is correct here.
I can stick with the wave ‘c’ of (b) idea here, until the price action rules that idea out again.
A sharp drop back below 146.70 again will trigger the alternate count I think.

Tomorrow;
Watch for wave ‘c’ to complete with a small push higher into the 148.80 level.
WAve ‘d’ should then fall again to continue the range contraction in the triangle.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well I have been proved wrong here today.
I am now cleaning the egg from my face and eating humble pie.

The action todays has triggered the alternate count for the DOW with a break above the previous lower high.
The change in wave count now suggests this high as wave ‘2’ blue.
And this level is now the first lower high below the all time highs.
If you look at the daily chart first tonight again,
you can see that the momentum picture remains the same.
We are at an extended and extreme level again,
and each time we get here the market throws a fit and on comes the next leg down.
This time should be no different.

The rally in wave [c] of ‘2’ now has reached 50% of the length of wave [a] after todays rally.
And that is about as high as I can call comfortable in this wave count.
This market has turned me into a paraniod contrarian after coming this far towards the all time highs again.
So All my previous comments are valid here also.

Tomorrow;
There is not a whole lot more I can say regarding this top.
at the moment this new high in the DOW is not confirmed by the wider market.
This mis-match should be fixed with the DOW returning lower again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The pattern off the wave ‘iii’ high definitely look corrective after todays action.
We have three waves down now in place in wave ‘iv’.
and if this pattern holds for wave (iii) blue,
then we should see wave ‘v’ of (iii) turn higher again and break to a new high as shown.

Tomorrow;
Watch for wave ‘iv’ to hold above 2007 at the very low end.
Wave ‘v’ of (iii) must turn higher again and hit with an expected high in the area of 2080 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil can’t catch a break these days can it!

The rally closed out three waves up in wave (iv) at the session high today.
Wave (iv) never even managed to break the 80.00 handle again.
I think we can call that a rejection!

and now a sharp move lower to end the session has retraced over half of the wave (iv) gains.
I am suggesting that wave (v) of [iii] is now underway.
And todays lows completed wave ‘i’ of (v).
A five wave decline in wave (v) should break below 72.00 again to complete the overall pattern in wave (v).
Once that is in place,
then we can turn our focus higher again into wave [iv].

Tomorrow;
Watch for wave (iv) to hold at 79.60.
Wave ‘ii’ should form a lower high tomorrow.
And wave ‘iii’ of (v) should fall back to a new low again as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is not confirming the new high that we saw in the DOW.
so the wider market may be hinting something at us here.
The S&P has fallen back to the low end of the range that has formed over the last week.
So the wave [ii] count is still alive in this market at least.

The initial support at wave ‘iv’ is still the main target for the reversal pattern.
Wave ‘i’ should hit that level to give this count a small boost in probability here!
So that is what I will continue to look for tomorrow;

Tomorrow;
We only have three waves down in place so far.
So this pattern must continue in five waves.
Watch for wave ‘i’ down to continue to fall into initial support at 4486.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The price is holding above the upper trend line this evening as wave ‘5’ closes out.
The price action over the last few days has overlapped continuously and it is hard to call it impulsive in either direction.
I do think this rally has come far enough given the fact that we have just closed out the trend channel this week.
So there will be a reaction to the downside in time.
I can continue to look for wave ‘ii’ pink to fall in three waves as part of the main bullish count.
And if the price does fall back below the wave (ii) low again that will shift the probability back towards the bearish side again.
I am going to keep that bearish count in mind here just in case.

Tomorrow;
Watch for wave ‘a’ of ‘ii’ to fall back towards 24.00 again to confirm wave ‘ii’ has begun.