Good evening all,
I hope the day went reasonably well for you.
It is a national holiday here in Ireland today.
so happy St Patrick’s day to all!
Only this year is a little different,
We are a quarantined nation these days!
We are all hunkering down in our homes, trying to keep kids busy,
Schools are closed, business’ are shuttered,
as the nurses and doctors battle to keep on top of this damn virus!
My wife is a nurse also,
so she will be back on night duty tomorrow night doing the same.
Tonight,
I want to treat her to an evening with a bottle of wine on this sort of holiday!
So I am updating the charts with minimal commentary.
Back to normal service tomorrow then!
On with the show.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
Wave [i] down is almost there, watch for wave [ii] to begin soon, possibly tomorrow.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable is probably further along wave [iii] than I previously thought.
Wave (iii) of [iii] is drawing to a close, we will most likely see a correction higher in wave (iv) of [iii] over the coming days.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
Wave ‘B’ is tracing out a three wave correction in line with the count so far.
This should complete tomorrow and then we should see wave ‘C’ track higher again to complete the larger wave (D).
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
After todays new low in a corrective move, I think wave [iv][ is still in play.
Wave [iv] is either a triangle as previously suggested, or we have an expanded flat correction.
Once the correction completes however,
we should see a further drop in wave [v] of ‘3’ OR wave ‘5’ of (1).
Tomorrow; the correction should continue in a fourth wave with a little more upside as part of the triangle.
A break of that 23185 level will probably favor the alternate count.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
The price is higher today, but so far we only have a three wave rally in place off the lows.
We must see further upside action over the coming days to confirm that the corrective phase is over.
Wave [i] must trace out a five wave rally, so lets see if we can push up towards that 1597 level for the rest of this week.
Five waves up in wave [i] is the key now.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Wave ‘b’ of (iv) has created a new low today which means that wave (iv) is now tracing out an expanded flat, or a triangle correction.
A rally back above the wave (a) high at 36.67 will signal that wave (iv) is complete as an expanded flat.
WAve ‘c’ of (iv) should begin tomorrow.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The wave count is split 50/50 between the main and alternate counts right now.
This action could still be part of a larger wave ‘4’ as per the alternate count.
So we could see a rally into the 2710 level again and then a turn lower into wave ‘5’ which should break support at 2310 to complete wave ‘1’ down.
A rally back above 2852 will confirm the main count and wave (2) will be the preferred labelling.
So I am looking for a rally off these lows soon.
If the market breaks below 2315 again without the rally I am taking about, that will signal wave ‘5’ of (1) is extending lower.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver is correcting sideways today and so far the action is in keeping with a triangle correction in wave [iv] of ‘3’.
A drop below 11.31 again will signal wave [v] of ‘3’ is in force.