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Good evening everyone.

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EURUSD.

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EURUSD 1hr.

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EURUSD had a good start to the day in wave ‘iii’,
but as the day wore on the price has rebounded to create some overlap within the pattern.
It is possible that wave (iii) is developing into a larger decline,
but I will have to wait and see on the front.

I note that fact that the bounce today happened off the previous wave [iv] low.
So this is suspect also.
If there is another pattern underway here,
we should know by tomorrow evening.

Tomorrow;
watch for wave (iii) to continue lower and develop into a five wave pattern.
If we see a break of 1.1275 again,
that will rule out the current short term count.

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GBPUSD

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GBPUSD 1hr.

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Cable came tumbling lower today in a possible third wave extension.
Wave ‘iii’ of (iii) is nearing a five wave pattern at todays lows.
So it is likely that this decline has not completed yet.

The next lower support lies at 1.2197,
and wave (iii) will reach 162% of wave (i) at 1.2372.
That is a large target area, but it is the best we have at the moment.

Tomorrow;
Watch for wave ‘iii’ of (iii) to complete.
Wave ‘iv’ should then correct sideways before wave ‘v’ pushes into support.

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USDJPY.

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USDJPY 1hr.

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USDJPY is moving higher in wave [c] of ‘A’ this evening.
Wave [c] should trace out a five wave pattern and push up into the 107.80 level,
before wave ‘A’ completes a three wave rally and wave ‘B’ can begin.

Tomorrow;
Todays rally in wave [c] has hit the minimum expected level at the previous wave [a] high.
I think there is more in this rally though as the structure looks incomplete.

Watch for wave [c] to push up to the 107.80.

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DOW JONES.

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DOW 1hr.

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Well I was expecting wave ‘3’ down to reach the December 2018 lows,
and here we are this evening knocking on the door of the 20000 handle again!
the market has now lost 8000 points off the high on the 13th of Febuary,
that is more points than the whole 07-09 bear market!
Its hard to fathom aint it!

As far as I can see, wave ‘3’ has not completed just yet!
In fact,
I don’t think wave [iii] of ‘3’ is even completed yet.

As it stands this evening,
wave [iii] has now reached 100% of wave [i].
But wave [iii] will reach 162% of wave [i] at 19156.

Also,
Wave ‘3’ blue will reach 162% of wave ‘1’ blue at 19291.
That gives us a cluster of target right in the one area.
We will see if the price can make that level over the coming days.

Tomorrow;
I think we are due a small correction in wave (iv) to begin soon.
So watch for that to begin tomorrow.
Wave (iv) should not break above 23450 at the wave [i] low.

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GOLD

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GOLD 1hr.

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The drop in gold today came as a surprise to be honest.
I still think that we are in a corrective pattern overall lately.
But it seems to be a larger wave ‘4’ in red as shown.

Todays low hit the previous 1561 low at wave [a].
So if this is a flat correction in wave ‘4’,
then we are almost complete at todays lows.

The price did bounce sharply off that support level today.
So I am taking that as a positive.

Tomorrow;
The 1561 level marks the previous fourth wave and the previous wave [a].
So this level should offer support to the market going forward.

Lets see if we can build another impulsive pattern higher off the current lows.

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CRUDE OIL.

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CRUDE OIL 1hr.

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The decline in crude today has halted at a higher low above wave (iii) so far.
This opens up the chance of a larger correction in wave (iv),
this becomes the alternate count this evening.

If we see a drop back below 27.58 again,
that will indicate wave (v) of [iii] is near to completion.
And then we can expect a rally again in a larger three wave pattern in wave [iv] green.

So for the next few days at least,
I think the price should begin to range around the 33.00 handle as these corrective waves play out.
We still have that large gap lower to act as a resistance for this correction,
so I don’t think wave [iv] will push above that level.

Tomorrow;
Watch for a continued drop in wave (v) of [iii] tomorrow.
36.75 should hold for the moment as wave [iii] closes out.

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S&P 500.

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S&P 500 1hr

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Today sharp decline again is  viewed as the completing waves within wave (iii) of [iii] of ‘3’.
That count goes a long way to explaining the severity of the decline this week.
A third of a third wave usually accelerates the price in the direction of the trend.

Wave [iii] green is not yet complete even at todays lows,
I expect wave [iii] should hit the December 2018 lows at 2310 before wave [iv] corrects higher again.
In fact the larger wave ‘3’ blue will reach 162% of wave ‘1’ blue at 2250.
So we should have a another leg down to go before any meaningful rally occurs in wave ‘4’.

Tomorrow;
WAve (iii) of [iii] should find a low soon enough,
and wave (iv) should then correct higher into the 2600 area
before wave (v) down then falls again down towards the target area.

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SILVER.

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SILVER 1hr

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The decline in silver this week has gone just about far enough
to complete the larger correction in wave ‘2’ red.

Although this has been a deep decline off the wave ‘1’ high,
the price action still fits a three wave correction lower
rather than a new impulse wave.

So at the moment I am tracking a completing decline in wave [c] of ‘2’,
with the prospect of wave ‘3’ up on the cards over the coming weeks.

Tomorrow;
watch for wave [c] of ‘2’ to complete soon.
A rally back above 17.00 again will signal wave [i] of ‘3’ is getting underway.

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