Good evening all you fine people.

And may the Blessings of the Lord of Hosts be with you all tonight.

A few charts to start the night maybe??

Put volume is hitting historic lows;

Call volume is hitting the roof;

SPX sentiment is off the charts;

Snowflake market cap – start shaking your head now!

Nothing to see here folks, move on, move on!

Here we go.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has gone into sideways consolidation mode over the last few days.
The pattern looks like a triangle at the moment,
and if this proves correct then we should see one more pop to above 1.22 to complete five waves up in wave [v] of [c] before the end of this week.

The triangle pattern is indicating a soon end to this rally also
because a triangle should mark the fourth wave position in the pattern.

Tomorrow;
Watch for wave (v) up to begin with a break of 1.22 at a minimum.
we will find an end to this rally pretty soon I think,
and I have a hunch that the next leg down is going to be breathtaking.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is correcting also today but this is occurring within a second wave as shown.
Wave ‘ii’ pink should trace out three waves up and complete around 1.3450.
Once we have a clear three wave pattern completed off the top,
then we can expect a reversal lower into wave ‘iii’ of (i).

Tomorrow;
Watch for wave ‘ii’ to complete between 1.3407 and 1.3450.
A drop back below 1.3300 again will signal wave ‘iii’ is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Its getting quite frustrating to watch USDJPY just sit subdued like and abandoned orphan over the last few weeks.
I know that the USD is going to power into a rally eventually.
But the pattern off the low in USDJPY now is really tightening within a range and this does not look impulsive yet.

I am holding onto the fact that the price has held above the rising trend line so far,
but I need to see a sharp rally soon for this count to remain relevant.

Tomorrow;
Watch that high at 104.75.
A break above that level will surely shift the pattern in favor of this bullish count.
103.66 must hold.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The calculated algo rally came back today!
The hourly bars are all green and all of similar length which is very un-human like!

Either way,
the price is holding within that rising wedge pattern so far,
so the alternate count is still valid here!

On the downside,
the main count is still valid also!

Todays rally can also be viewed as part of wave ‘iii’ of (iii).
And in this case,
wave ‘iii’ should rally towards 31000 over the coming week.
As long as 29864 holds, then both counts remain valid.

The further the market progresses higher in this manner,
the more critical that support becomes in terms of this topping process.

There is a cluster of support levels between 28900 and 29460 that are important to the structure.
If we see an impulsive break of these levels,
that will signal the possibility of a large turn in play.

Tomorrow;
Watch for todays lows to hold as wave ‘iii’ of (iii) develops.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding onto the gains from the recent rally today,
but the action is looking quite like a top now in wave (i) blue.

In general this action is quite positive off the recent low in terms of the larger wave count.
But I would expect the market to create a more significant higher low pattern in a second wave.
So I am expecting wave (ii) to come in soon and correct into about 1800 again.

The rally off the low at wave (4) is also large enough to consider a higher degree labelling,
so I may do that before the week is out.

Tomorrow;
Watch for wave (ii) t begin with an initial drop back below 1850 in wave ‘a’ pink.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is not showing its hand off the high just yet.
The pattern is corrective looking so far.
And with that in mind,
I will not be surprised to see another challenge of the top again..
I am going to hold off on this market until we see a familiar pattern emerging from the mess.
If 44.00 does break,
then I am willing to look to the downside again in a more aggressive fashion.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is on course to complete wave (v) of an ending diagonal sooner than I thought possible!

The market completed a three wave correction into a possible wave (iv) low at todays early low.
And now the market is moving higher to another all time top in wave ‘a’ of (v).

The ending diagonal pattern is still a long shot,
until all the internal sub-waves are complete.
But I am still interested in following this pattern through until it is invalidated at least!

Tomorrow;
Watch for wave (v) to trace out a three wave pattern higher into 3722.
If the price begins to accelerate higher from here that will invalidate the diagonal pattern I think.
And then I will revert to the original five wave pattern for wave [v].

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is holding at the highs this evening,
but I do think we will see a reasonable correction this week in wave (ii) at least.
The alternate count is similar to gold which shows a larger three wave correction in wave [ii] green circled in red.

Tomorrow;
there is a second wave ahead of us soon and a bullish higher low in play.
And with that a good long term opportunity is developing here at the next corrective low.
Lets see if wave (ii) begins tomorrow with a decline below 24.00 again.