Hello to you all again.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
After a few sessions of gliding sideways at that 1.1000 support,
Today we have some positive action at last.
This rise off the lows today is viewed as the final sub-wave within wave ‘ii’ pink.
The initial target lies at 1.1044 where the expanded flat wave ‘ii’ meets the initial high.
I think a more likely target now is at 1.1091,
this level is proving a short term swing point at the moment.
So the price should find support in that zone,
and then wave ‘iii’ of (i) should begin from that point.
Tomorrow;
Watch for wave ‘ii’ to push higher into resistance at 1.1090.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable has held above 1.2762 all week in a tight trading range.
The market has created a corrective higher low at wave ‘ii’,
and today we may have the beginnings of wave ‘iii’ underway.
We won’t be above to confirm wave ‘iii’ until price breaks above 1.3012.
But a move above 1.2896 will be a good sign that wave ‘iii’ has begun.
Tomorrow;
Watch for wave ‘iii’ to continue higher towards 1.3012.
1.2762 must hold.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
Wave (c) of [a] continued lower today as suggested by the short term count.
We now have a three wave pattern in place off the high.
The price has dropped out of the trend channel,
and is now in the area of where I expect wave (c) [a] to find a final low.
Now it is time to begin to look for a three wave rise in wave [b] to begin.
So far the action has been suitably difficult to follow,
which is in keeping with the correction we are tracking.
So lets see if support at 107.87 can hold.
A push back above 108.63 will signal that wave (a) of [b] has begun.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The DOW is correcting off the new high created yeaterday at 27840.
Todays decline is labelled wave ‘ii’ of (v),
and so far the correction has held above 27560 at wave (iv).
This action suggests another high is on the cards for wave ‘iii’ of (v) by early next week.
The price is rebounding again this evening,
so wave ‘iii’ may already be underway as I write.
Tomorrow;
Watch for wave ‘iii’ to begin and possibly break above 27840 again.
This final leg higher in wave (v) should be over by this time next week.
Then things should get very interesting on the downside again.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold has risen for the last three sessions which is encouraging given the short term count.
I have labelled this evenings highs as wave ‘i’ of (i),
but it is quite hard to be sure,
I need to see a clear correction in wave ‘ii’ develop first,
and a solid bullish higher low above 1446 to be in place,
before getting too excited about the potential here.
But the early signs are good for wave (i) up.
Tomorrow;
Watch for wave ‘ii’ to fall back into initial support at 1459 again in three waves.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Todays rally stopped short of breaking to a new high above 57.88.
And this evening the price has moved sharply lower again.
It is possible that the high today is a failed fifth wave,
this is an unusual pattern in general,
but not impossible,
so I think it is worth exploring the downside again from here.
I have labelled todays decline as wave ‘i’ of (i).
If we see a drop below 55.75 over the coming days,
that will increase the likelihood that the market has turned into wave (i) of [iii].
Tomorrow;
Watch for wave (i) to continue lower over the coming days.
Wave ‘ii’ of (i) must hold below todays highs at 57.80.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
I have switched to a similar short term count as the DOW this evening for the S&P.
The decline off the highs today looks more corrective in nature.
And the price is rallying again to the close.
So with that,
I have labelled todays low as wave ‘ii’ of (v).
And the expectation is for wave (v) to rally into the end of next week
and trace out a clear five wave pattern to close out this whole rally.
Once wave (v) completes in the area of 3130 next week,
then I can look lower again to begin wave (i) down.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver has dropped slightly off todays early highs at 17.10.
The price seems to be tracing out a three wave correction sideways in wave ‘ii’ this evening.
In order to remain bullish in the short term,
wave ‘ii’ must now hold above 16.63.
And wave ‘iii’ of (i) should then rally back towards 18.00 again next week.
Tomorrow;
If all goes well we will have a larger bullish signal in place by the end of next week.
Watch for 16.63 to hold first.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
Wave ‘ii’ has now reached initial resistance at 129.37 this evening.
The rally off the low has created a three wave structure.
the internal wave pattern looks like a 3,3,5 formation,
so wave ‘ii’ is a flat correction higher.
Wave ‘iii’ should begin soon off this level and head lower next week.
A break of 127.94 will confirm wave ‘iii’ has begun.
There is a few alternate counts that may also fit the action,
I will go into them in detail in tomorrows video.
Tomorrow;
Watch for wave ‘ii’ to top out now and head lower again to begin wave ‘iii’.
130.45 should hold.