Good evening all, I hope the day went well for you.
The big news tonight;
I am almost ready with the new pricing structure to go live.
I will do a quick video this weekend on how to update your billing profile.
It should be as simple as a couple of clicks.
Ok, down to it then.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD is dropping in a more impulsive fashion today.
This is in line with the idea that a top is in place for wave (c) of [ii].
And if that is the case,
then we should be heading lower now in a large degree wave [iii] down.
In the short term,
the initial decline off the wave [ii] high is possible a wedge pattern in wave ‘i’ pink.
the price has created a lower high, labelled wave ‘ii’.
and now the price is accelerating back below 1.1100 again.
Tomorrow;
If wave ‘iii’ is now underway,
then we should see a drop down to that left shoulder area at 1.0990.
Wave (i) itself is likely to hit 1.0900 again next week.
Watch for wave ‘iii’ to continue lower.
1.1162 must hold.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable may have created a wedge pattern also in wave ‘i’ down off the high.
Wave ‘ii’ rallied back to a further lower high early this morning,
and again we see a more impulsive selling take over.
this decline should be wave ‘iii’ of (i) also.
And wave ‘iii’ should hit support at 1.2580 before completing.
Tomorrow;
1.2952 is the level to watch at wave ‘ii’ pink.
This should hold and wave ‘iii’ down should continue for at least the rest of tomorrow.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY is holding above the wave [iv] high at 108.24 so far.
Wave (i) completed at Wednesdays high,
and then wave (ii) corrected lower in an expanded flat into the sessions low at 108.49.
Price is again rallying off that low this evening.
If wave (ii) is now complete,
then wave (iii) should head higher tomorrow also.
Wave (iii) should break 108.93 at a minimum.
And the larger wave [v] is likely to top out next week at resistance in the area of 109.90.
so there may be another 100 pips or so left in this rally to complete wave ‘C’.
Tomorrow;
Watch for 108.24 to hold.
Wave (iii) should continue above 109.00 before the price corrects again in wave (iv).
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The DOW has held above the wave (iv) level so far today.
The pattern off that low at 26630 is labelled wave ‘i’ and ‘ii’.
Wave ‘ii’ seems to be an expanded flat.
That correction should be complete at todays lows.
The market has spiked higher again this evening to begin wave ‘iii’ of (v) of [iii].
And wave ‘iii’ should push above 27000 again.
We have a significant band of resistance starting at 27280 at the recent highs.
so wave (v) of [iii] must break above that level next week,
in order for this short term bullish count to remain valid.
Tomorrow;
Watch for the wave (iv) low to hold at 26630.
Wave ‘iii’ should rally aobve 27000 again.
If we see a selloff that breaks 26000 again that will favor the bearish alternate count.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold is back above 1500 again today which favors the bullish count for sure.
The price has risen steadily over the last few weeks,
Even against a resurgent stock market ans a rising USD.
So,
this could be wave (iii) finally getting started.
And in a large third wave move,
we should see gold rising on its own merits,
not because of stock market volatility.
Time will tell,
but I am hopeful now.
I have shown the alternate count for wave [iv] this evening.
This involves a triangle pattern off the recent highs.
I suspect this count may fit the pattern better as the rally progresses.
Tomorrow;
Watch for wave ‘iii’ to continue higher and break 1520 again.
1480 should hold from here on as wave ‘iii’ develops.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude is topping out in wave [ii] right now.
And I am pretty confident this rally over the last month
will be completely wiped out when wave [iii] down gets going over the coming months.
The rally off the low at wave (b)
is close to completing a five wave pattern now.
And this sets up an significant level of support at that wave (b) low of 52.80.
If that level breaks again,
That will signal that the larger wave [iii] has begun.
And if wave [ii] completes tomorrow,
wave (i) of [iii] should break the wave (b) low late next week.
Tomorrow;
Watch for wave ‘v’ of (c) to top out at the upper trendline at 56.70.
A break of 54.77 will signal that wave (i) down has begun.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
It looks likely that wave (i) of [v] has now completed at todays highs.
Wave [iv[ did not make a new low as expected,
and wave [iv] now counts best as a running flat.
The price is holding off the wave [iv] low now in wave (ii) of [v].
Wave (iii) of [v] should rally from here
and break out to a new all time high next week.
Once that happens,
it will not be long before we hit the final high in wave [v] again,
some where in the region of 3070.
Tomorrow;
Watch for wave (ii) to complete this evening and then price should head higher again tomorrow to begin wave (iii).
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver is higher today also,
and price is now challenging that 17.86 high from earlier this week.
This should begin wave wave ‘iii’ proper,
and price will head higher for the coming week in wave ‘iii’of (i).
Then next significant level lies at 17.94 at wave ‘i’ pink.
Tomorrow;
Watch for wave ‘iii’ to break 17.94 and continue towards 18.73 from there.
17.42 should hold now.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
There was no major move today in bonds,
but the high labelled wave (ii) is still intact so far.
Wave ‘i’ down is set to head lower soon.
So wave (ii) must hold at 130.12 now.
A break of 129.45 will signal that wave ‘i’ is underway.
Tomorrow;
watch for 130.12 to hold and wave ‘i’ to continue lower.
Ideally wave ‘i’ will hit 128.50 before completing.