Good evening to one and all.

The Lord’s Blessings to you all.

US Pending Home Sales Crash By Most On Record

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

There is only one thing sure about the action in EURUSD of late,
Which is,
this action is corrective,
and wave ‘b’ of ‘a’ is still the best fit wave count here.
B waves are usually confusing and difficult and this is a very good description of the pattern over the last week.
So this evening we have very little change here as wave ‘a’ requires another drop to complete three waves down as shown.

Tomorrow;
Watch for wave ‘c’ to finally get going and tra e out five wave down towards 1.05 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave (b) managed to trace out a slightly larger three wave pattern at todays high.
And again we have a spike lower off that session high to suggest wave (c) is underway.
Wave (c) must trace out five wave down from here and as I suggested last night,
I am looking at the 1.1800 area for wave (c) and wave [a] to complete this week.

Tomorrow;
Watch for wave (c) to finally get going with a break of 1.1993 again to signal that wave (c) has begun.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The action is very tight and almost un-readable in USDJPY these days.
The pattern in wave [iv] is still valid,
but if the price makes it any higher tomorrow I will have to favor the alternate count for wave ‘B’ as shown.
A break of 135.74 will confirm the alternate count count.

Tomorrow;
Wave [v] must turn down immediately and break below 133.00 again to save the main count for wave [v] of ‘C’.
The wave [i] low must hold at 135.74.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The action in the Dow is not revealing much so far this week.
The market is lower today but so far we anly have a three wave decline to confuse matters even further!

It is possible that wave ‘c’ of ‘ii’ actually completed at Tuesdays lower high.
In that cse we have a failed wave ‘c’ to finish the correction.

As for todays decline,
the market must contiue lower to break the wave ‘i’ low at 32470 again to signal wave ‘1’ of ‘iii’ is underway.
If that happens tomorrow,
then I can begin to chart wave ‘iii’ of (i) and make some estimations on how the overall pattern is playing out.
So lets hope for a developing impulse move lower to continue tomorrow.

Tomorrow;
Watch for the price to continue lower to confirm wave ‘iii’ with a break of 32470.
The high at wave ‘a’ must hold for this pattern to remain valid.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding at the 1800 level today with the action quite corrective looking in a possible wave ‘2’ of ‘c’.
If this count is correct,
then we should see another push lower into wave ‘c’ over the coming days.
Wave ‘3’ of ‘c’ will be confirmed with a break of the wave ‘a’ low at 1773.
A break of 1785 again at the wave ‘b’ low will open the door for the larger decline.

Tomorrow;
Watch for this correction in wave (ii) to take hold again with a decline into wave ‘c’ of (ii).
I am looking for this pattern to be complete by the end of this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude managed a quick break of the wave ‘a’ high at 77.78 today but is holding above that level tonight at the close.
I cannot be sure if wave ‘i’ of (iii) is underway off the high as the pattern is not conclusive yet.
I want to see another push lower this week to confirm this pattern and rule out the larger alternate count for wave [ii].
If the price breaks 81.14 again that will signal trigger the alternate count.

Tomorrow;
Watch for 81.14 to hold.
Wave ‘i’ of (iii) needs more downside to clarify this count.
So I have to just wait and see if the market can manage it!

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is making progress to the downside today but just like the Dow we only have three waves down at this pont.
A break below 3750 again will be a real boost to this bearish count for wave ‘3’ of ‘iii’.
The bigger support comes in at 3695 at the previous wave ‘b’ low.
and if the price breaks that level again,
then I think we are on for a much larger decline phase into wave (iii) come the new year.
Each support that breaks is adding to the downside momentum that is building.
A third of a third acceleration is on the cards here so the next few days are crucial to this count.

Tomorrow;
Watch for wave ‘2’ to hold at 3784.
A sharp decline again this week to break 3695 will confirm that wave ‘3’ of ‘iii’ of (iii) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

This ending diagonal pattern is holding firm onto the price again today.
So I am not convinced now that the top is in for wave (v).
The action this week is pretty flat and this does suggest wave ‘b’ of (v) is still in play here.
In this scenario wave ‘c’ of (v) will hit a new high above 24.28 and then the collapse will begin.

Tomorrow;
A break below 22.58 again will confirm that the top is in for wave (v) of [c] of ‘4’.
So that wave (iv) level is key to this turn into wave [i] of ‘5’.

Watch for the final top to complete with one last pip above 24.30 and then a sharp selloff should begin.