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Hi there to all, I hope you are doing well.

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EURUSD.

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EURUSD 1hr.

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EURUSD has broken through the support at 1.0878 again today,
and the price is sitting at the lows of the session as we close this evening.
It looks like we will not see much in the way of wave (ii) this week.
so next week should bring some much needed respite from the continuous declines.
And depending on what form that rally takes towards the end of next week,
we should be able to discern which wave count is more fitting.

For the moment,
I am just waiting for that initial move off the low to indicate that wave (ii) has begun.

Tomorrow;
Lets see if we can get a spike higher off the lows to begin wave ‘a’ of (ii).

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GBPUSD

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GBPUSD 1hr.

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Cable continued higher today in wave ‘c’ of (ii).
The price has hit the interim high within the previous decline
at todays high of 1.3071.
So we must see wave ‘c’ break about above this level to confirm wave ‘c’.
The next level of interest lies at 1.3208.

Tomorrow;
watch for wave ‘c’ to continue to hold above support at 1.2871.
Wave ‘c’ needs to follow through above 1.3071 tomorrow.

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USDJPY.

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USDJPY 1hr.

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Wave ‘c’ of (ii) seems to be underway today,
with the price falling off the wave ‘b’ high.
This decline in wave ‘c’ should continue tomorrow
and break that wave ‘a’ low at 109.52 at a minimum.
That will complete a three wave decline,
then I will look for an end to the correction and the beginning of wave (ii).

Tomorrow:
Watch for wave ‘c’ of (ii) to complete between 109.52 and 109.15.

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DOW JONES.

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DOW 1hr.

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The DOW is holding at the highs of the session at the close,
just off making a new all time high again.
The choppy nature of the action over the last few sessions
is most likely a fourth wave correction within the final wave ‘v’ pink.
And todays rally off the low may well be the beginning of the fifth wave within wave ‘v’.
So we are dealing with an extending wave ‘v’
at the end of an extended wave [v].

This market is pretty overextended in my book,
but I suppose it is poetic that the wave structure mirrors the calamitous nature
of our collective obsession with financial assets.

Tomorrow;
Wave ‘v’ of (v) should continue higher and to a new record.
The larger trend channel will be hit at about 29900.
I will be looking for a reversal at or before that level.

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GOLD

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GOLD 1hr.

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Gold is back at the wave ‘d’ highs of 1576 again this evening.
The low of wave ‘e’ hit 1561.60 last night.
If the triangle is now complete,
then 1561.60 must hold from here on out as wave ‘i’ develops higher.

Wave ‘i’ of (v) must push up towards 1600 again.
and then we should see s bullish higher low in wave ‘ii’ next week.

Tomorrow;
1561.60 must hold now at wave ‘e’.
If that level breaks again,
that will be because wave ‘e’ is still unfolding.
But;
A break of 1592 at the wave ‘b’ high will signal that wave ‘i’ of (v) has begun.

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CRUDE OIL.

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CRUDE OIL 1hr.

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The correction in wave [ii] is still on track today,
but the price action is very sluggish indeed for a developing second wave.
Usually a second wave will react more rapidly to the preceding trend move.
So this action has opened up another possibility for the wave count.

I have shown an alternate count which views this current sideways move as wave [iv] of ‘3’.
If this is correct,
then wave [v] of ‘3’ could head much lower again over the coming weeks.
So this count is worth watching on the downside.

Tomorrow;
Wave (c) should break above 52.28 to complete a clean three wave flat correction.
so watch for that final pop higher in wave (c) tomorrow.

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S&P 500.

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S&P 500 1hr

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The S&P did squeak to a new high this evening before dropping again at then close.
It is possible that a fourth wave expanded flat has dominated the action this week.
And todays rally is the final fifth wave of the structure in wave ‘v’.

Tomorrow;
We are likely still seeing the unfolding of wave ‘v’ now.
the small trend channel around wave ‘v’ suggests a top at about 3404 to complete the pattern.
So Any major decline will have to wait until next week.
3303 offers the first level of support for any decline.
A break of that level will signal wave ‘i’ down has begun.

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SILVER.

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SILVER 1hr

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Over the last few years the corrections in silver have been long, drawn out affairs,
and the rallies have been sharp and frantic.
I suspect this will also be the case for wave (i) of [iii] over the coming weeks.
This correction in wave [ii] has taken up the last 6 weeks.
Wave [iii] up will make progress much quicker than that!

The price has bounced off the lows at wave ‘ii’ again today.
This is a good start, but the price needs to break 17.87 again to begin wave ‘iii’ up.

Tomorrow;
Watch for 17.37 to hold again.
Wave ‘iii’ should make progress over the coming days.

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U.S 10YR.

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US 10YR 1hr.

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We may have a small ‘i’ ‘ii’ pattern in place off the wave (i) high at 131.39 now.
The price must continue lower tomorrow,
and break 130.20 again easily in order to add weight to this interpretation.

Tomorrow;
watch for wave ‘iii’ of (iii) to continue lower again.
The larger wave (iii) should hit the lower support at 127.87 again over the coming week.

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