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Good evening to all of you fine people!

I hope the day went well for you.

Here we go.

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EURUSD.

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EURUSD 1hr.

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EURUSD is a lifeless market these days!
The price has spent the day hovering above the confirmation point for wave ‘iii’ down at 1.0989.
The market has traded in a 20 pip range throughout the day,
and is closing at 1.1020 this evening.
This is not a ringing endorsement of a third wave down.
And that fact leaves the door open to that alternate count for wave (c).

Tomorrow;
Watch for wave 1.1096 to hold again at wave ‘ii’.
A break of 1.0989 will signal that wave ‘iii’ down is in force.

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GBPUSD

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GBPUSD 1hr.

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Cable has again kept to the script of the triangle in wave (iv).
The price dropped again today in wave ‘e’,
and the low at wave ‘c’ has held at 1.2824.

If wave ‘c’ breaks,
that will rule out the triangle alltogether.

But if we see a rally up above 1.2912 again,
that will signal a rally in wave (v) has begun.
And wave (v) could carry us up to about the 1.32 level,
with a small chance of hitting 1.3380 at the next significant resistance level.

Tomorrow;
Watch for 1.2824 to hold and wave (v) to rally up above 1.2983 at a minimum.

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USDJPY.

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USDJPY 1hr.

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The high for USDJPY came in at 109.20 today.
The price has now hit the upper trend channel line,
and completed a three wave correction in wave [b] green,
the next move should be to the downside in wave [c] green.
Wave [c] should now trace out a five wave decline,
and bring us down to about 107.80 when complete.

Tomorrow;
It is possible that wave [c] has begun now with a small lower high in place.
Watch for 109.20 to hold and wave (i) of [c] to continue lower.
A break of 108.80 should confirm wave [c] is underway.

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DOW JONES.

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DOW 1hr.

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The market made a new intraday high today at 28130.
This level now marks the new all time high and rules out the idea of an impulse wave in place.
The short term count has changed to reflect todays new all time high.
Wave [v] green is counted with an extension in wave (iii),
the recent low takes the wave (iv) label,
and the rally off that low is wave (v) of [v].

The overall outlook is exactly the same.
There is no doubt in my mind that this is a topping process.
And we are very close to that ultimate final top tick.
I am also pretty confident that the initial move lower off the high will be pretty violent indeed.
And this move should shake the foundations of the bull market when it happens.

Tomorrow;
It is a game of patience again.
I will now wait until wave (v) of [v] has traced out a clear internal pattern
before looking for a turn lower again.

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GOLD

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GOLD 1hr.

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Every day that the price holds above 1445,
is a day closer to the rally in wave (i) up!

Gold just will not give up these days.
The price is holding steady above that initial support at 1445,
and this evening we even managed a small rally off the low of the session.
This rally has now ruled out the alternate count,
but if it continues higher and breaks above 1479 again,
that will signal wave ‘iii’ has begun.

Tomorrow;
1445 is the critical low and this level must hold.
Lets see if this evenings rally continues higher and breaks 1479 tomorrow to confirm wave ‘iii’.

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CRUDE OIL.

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CRUDE OIL 1hr.

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Crude continues to hold below that recent high at 58.56 cash.
This evenings lower high is labelled wave ‘ii’ of (i),
but we need to see another sharp move lower in wave ‘iii’ of (i) this week,
This will shift the momentum,
and halt the corrective rally.
Then we can really focus fully on the downside potential for wave [iii].
Once we create a bearish signal off the high at wave (ii),
then it wil be game on for the next leg down.

Tomorrow;
Watch for the high at wave [ii] to hold.
And a break of 57.80 again at wave ‘i’,
then an accelereation lower in wave ‘iii’ over the next few days.

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S&P 500.

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S&P 500 1hr

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The S&P reached a high at 3142 this afternoon.
Wave (v) does not yet look complete this evening,
The sub-divisions within wave (v) suggest another pop higher to come,
before completing an internal five wave pattern,
and completing wave (v) of [v].
I have shown a rising trend line connecting the most recent highs
and this suggests a high for wave ‘v’ at about 3156.
This is also very close to the level where wave (i) and wave (v) reach equality.
So this level is the next level of interest for a top to form.

Tomorrow;
Watch for wave ‘iv’ of (v) to drop into 3126 to complete a three wave correction.
Wave ‘v’ should rally again off that level.

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SILVER.

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SILVER 1hr

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Silver is pushing higher off a possible wave ‘ii’ low now.
The price is spiking in a nice impulsive fashion,
and drawing close to the 17.22 high again.
If we break that high tomorrow,
that should signal wave ‘iii’ of (i) is underway.
A break of 17.60 again will rule out that alternate count shown
and it should confirm wave ‘iii’ has begun.

Tomorrow;
Watch for the low at wave ‘ii’ to hold and wave ‘iii’ up to break 17.22.

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U.S 10YR.

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US 10YR 1hr.

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Bonds have risen off the lows at wave ‘ii’ today,
but so far failed to break that 130.00 level at wave ‘i’ yet.
the action is not very inspiring off that wave ‘ii’ low,
so it does suggest the possibility that something different is going on.

This brings me to that alternate count.
If we reach into resistance at 130.46 again and turn lower sharply off that level,
then I will switch to that alternate count and look for wave (iii) down to begin over the coming week.

Tomorrow;
Watch for wave the low of wave ‘ii’ at 129.25 to hold.
Wave ‘iii’ should easily break 130.46.
So lets see if the price breaks through,
or fails at that level.

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