Hi there all.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
The price did fall today in wave ‘i’ down and hit that 1.1109 level.
but the move has not accelerated downwards into a third wave just yet.
I still favor the idea that the top is in place for wave [ii] now,
but I need some confirming price action now,
in the form of a sharp move back below 1.1000 to be convinced of it.
Tomorrow;
Watch for that decline in wave ‘iii’ to come in.
Wave ‘iii’ is shown at 1.1153,
so that level should hold and wave ‘iii’ should carry us back below 1.1000 again.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable has held below 1.2900 all day in a very tight and corrective looking sideways move.
Todays non-action could be a small correction higher to begin wave ‘iii’ down.
If we see a drop back below 1.2800 tomorrow,
that will be enough to confirm wave ‘iii’ has begun.
The wave ‘ii’ high lies at 1.2999,
so this level should hold as wave ‘iii’ takes us lower over the next few sessions.
Tomorrow;
1.2999 must hold.
Watch for the early trade to begin with a spike lower back into the trend channel again.
Wave ‘iii’ of (i) should bring us back towards 1.2580 again.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY did make a new low in the overnight trade last night.
The price broke the wave (a) low at 108.28 by a hairs breadth!
The low of the session reached 108.24.
This action now meets the minimum target for wave (c),
and todays trade looks very impulsive off that low.
I think we can assume that wave [iv] green is now complete
with a three wave decline in place.
Todays rally is labelled wave (i) of [v] of ‘C’.
So we can expect a rally in five waves from here,
up towards the 110.00 area over the coming few sessions.
Tomorrow;
Watch for wave (ii) to create a higher low above 108.24 and wave (iii) should come in early next week.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The DOW has rallied off the early lows today
which should put an end to the correction in wave (iv) now.
Todays rally is viewed as wave ‘i’ of (v),
with wave ‘ii’ now underway this evening.
Wave ‘ii’ must complete above the wave (iv) low tomorrow before turning higher tomorrow.
The low of todays session broke the previous wave [i] high before turning higher.
Which rules out the alternate count from last night.
The next alternate count shows the recent decline as wave (i) to the downside.
this is a low probability count at the moment.
Tomorrow;
Watch for wave ‘iii’ of (v) to continue higher once wave ‘ii’ completes a higher low.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold is higher today out of that three wave corrective form completed yesterday.
this action is promising,
as I am expecting a rally in wave ‘iii’ of (iii) to develop over the coming days.
As long as 1480 holds,
then wave ‘iii’ up is the most likely outcome from the recent sideways action.
Tomorrow;
watch for price to continue to hold above 1480.
A break of 1500 again will signal wave ‘iii’ is underway,
and a break of 1520 again will confirm the larger wave (iii) is in force.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Don’t expect this crude oil rally to last!
The price has rallied today inline with the expected action for wave (c) of [ii].
Todays rally can be viewed as wave ‘iii’ of (c)
or wave ‘iv’ of (c) depending on how you look at it.
the price is now back up within reach of the upper trend line again,
so we are right in the area for wave (c) and wave [ii] to complete.
I have labelled todays rally as wave ‘v’ of (c) based on that fact.
Tomorrow;
Watch for wave (c) to find resistance between 56.68 and 57.24 as shown.
Wave [iii] down is near at hand now,
so next week is lining up to be an exciting one.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The S&P has not reached the minimum target for wave (c) of [iv] yet.
the market rallied slightly today,
but the pattern looks to be a three wave form.
This suggests wave (c) is still in force
and todays rally was merely a correction higher within that wave.
The low of wave (c) has reached 2982 so far,
and I expect wave (c) to reach 2975 at a minimum in a normal expanded flat correction.
If the price continues higher tomorrow to break 3014 again,
that will signal wave (v) has begun.
But for the moment I prefer the downside at least for tomorrow.
Tomorrow;
Watch for wave (c) to hit the target before heading higher again in wave (v).
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver has held above the lows of Tuesday night.
So far the three wave pattern lower over the last few sessions
still counts best as a correction within wave ‘iii’.
If this short term count is correct,
then wave ‘iii’ should get going tomorrow.
Tomorrow;
Watch for 17.42 to hold at the low of that three wave decline.
If the price pushes higher to break the recent high at 17.86.
That will confirm wave ‘iii’ has begun.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
The price continued higher today and it seems that the larger wave (ii) idea is now the best fit for the action.
Wave (ii) is most likely a running flat correction,
as todays high has not broken the previous wave (a) high.
Price is dropping again this evening.
So this could be the initial move lower into wave ‘i’ of (iii).
Tomorrow;
watch for the high of wave (ii) to hold at 130.12.
Wave ‘i’ should continue lower and break 129.45 at a minimum.