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Hi there everyone, I hope you had a good day out there!

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EURUSD.

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EURUSD 1hr.

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EURUSD is holding below 1.0888 this evening,
but the action is too close to the line for comfort really.

I have shown a possible alternate count on the short term chart
which will allow for some variation in the action over the coming days.

This alternate views the recent extreme low at 1.0634 as the low of wave ‘1’,
and the rally off that low as wave [a] of ‘2’.
In this case,
the price should fall again in wave [b],
and then rally in wave [c] by Friday to complete the larger wave ‘2’ earlier than expected.

Tomorrow;
Watch for wave [v] to get underway and fall again back below 1.0634 in five waves.
The alternate count calls for a drop in wave [b] to occur also.
but that wave [b] should form a higher low above support.

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GBPUSD

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GBPUSD 1hr.

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Cable broke above the recent wave (a) high at 1.1931 early this morning
reaching a high at 1.1969.
This action hit the minimum expected target for wave (c) of [iv].
And the price then dropped sharply off that high to begin wave [v] down.

The price is now forming a lower high below wave [iv].
I have labelled todays move as waves (i) and (ii) of [v],
and we should see a continuation lower tomorrow in wave (iii) of [v].

Tomorrow;
Watch for 1.1969 to hold
and wave [v] to continue lower to break the wave [iii] low at 1.1404
This will complete the larger pattern in wave ‘3’.

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USDJPY.

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USDJPY 1hr.

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USDJPY has halted the rally just below resistance at 112.23.
Momentum has completely died as the pattern suggests of late.
so we are looking at a turn lower in wave (D) to begin pretty soon.

The pattern this week still fits an ending diagonal,
and this may be complete at yesterdays high of 111.73.
Todays high failed to break that level again,
and the price action is looking very week at the moment.
So it is possible that the turn lower has already begun.

Tomorrow;
Watch for a continued decline in wave [a] of ‘A’ tomorrow.
If we see a break of 109.32 that will signal wave ‘A’ has begun.

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DOW JONES.

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DOW 1hr.

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The DOW has put in a pretty big rally today pushing back up to 22000 again,
and with that rally we have confirmed wave ‘4’ is now underway.

Wave [a] of ‘4’ has a reasonable three wave pattern to the internal action so far.
So it is possible that wave [a] is now complete at the session high of of just above 22000.
The price is falling again as I write,
so wave [b] of ‘4’ is likely underway.

Wave [b] should fall in three waves also and create a higher low above 18140 to complete.
Then wave [c] can rally again and top out in the area of 22500 early next week.

I have shown a possible alternate count this evening which can also account for the action very well.
The recent low is labelled wave (A) of [A].
Wave (B) will then rally in three waves much like the fourth wave correction I just described.
And then wave (C) will fall again to complete three waves down in a larger wave [A].

I will go into this alternate count in more detail in the long term video I will publish tomorrow.

Tomorrow;
It looks like we will see a sideways move in either wave ‘4’ or wave (B) over the coming week.
The trading range will be very large,
and the price action should be quite choppy.

Watch for wave [b] to continue lower tomorrow.

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GOLD

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GOLD 1hr.

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Gold is consolidating today in a possible wave ‘iv’ correction within wave (iii) as shown.
The price action is very bunched up today,
so it is hard to read the internal moves within wave ‘iv’.
But the form of the bars does fit with a contracting triangle for sure.

The wave ‘iii’ high topped out at 1636.
So wave ‘v’ of (iii) must rally above that high again to complete wave (iii).
Wave (iv) and (v) should carry the price higher again to complete wave [i] over the coming week.

The larger wave [i] is expected to get close to the 1700 level again before completing a correcting lower in wave [ii].

Tomorrow;
Watch for wave ‘iv’ to complete as a triangle and wave ‘v’ to push above 1636 again.
Price must hold above 1554 in this bullish scenario.

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CRUDE OIL.

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CRUDE OIL 1hr.

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Crude is still holding in that contracting triangle pattern identified yesterday.
This pattern is labelled as wave [iv] green,
of an ongoing five wave decline in wave ‘3’ blue.

The price continued to contract in range today,
and the price is falling off a very slight lower high in wave (e) this evening.

It is possible that the pattern is now complete for wave [iv],
but I will have to see a break below 21.00 again to confirm that view.

Tomorrow;
Watch for wave [v] to create a lower high in wave (i) and (ii) to begin a five wave decline in wave [v].
Price must hold below 28.56.

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S&P 500.

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S&P 500 1hr

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The bounce that is happening this week is in line with the expected action in the wave count.
So I am not going to suddenly change my mind and jump on board the bull train,
even if the news is very convincing!

I have labelled this rally as wave ‘A’ of (2) this evening.
This rally can also be viewed as wave ‘A’ of a larger three wave correction higher in wave (B).
And this is the main alternate count now.
I do think both wave counts are equally valid at the moment.
So I will continue to work on both interpretations.

Tomorrow;
watch for wave ‘B’ to fall in three waves over the coming few sessions.
Wave [a] of ‘B’ is most likely underway this evening.
So the price should hold below todays high for the rest of this week.

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SILVER.

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SILVER 1hr

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Silver has stalled today near the highs of the session.
And It does look like the rally in wave [c] may not be complete just yet.
If this rally continues and breaks above the 16.30 level at wave ‘1’.
Then I will have to adopt a more bullish short term interpretation.

For the moment,
the rally off the low is in three waves,
so I will continue to expect wave ‘5’ to push to a new low to complete this pattern,
until the action warrants another view.

Watch for wave [i] of [v] to begin tomorrow with a drop into the 13.28 high of wave [a].

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