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Hi there all.

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EURUSD.

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EURUSD 1hr.

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EURUSD has dropped off the wave ‘2’ high in a reasonably sharp fashion so far.
The drop off the high can be viewed as a five wave move,
So that completes wave (i) down.
Wave (ii) should create a three wave recovery to a lower high.
It is hard to know if the action so far has completed wave (ii) or if we will see a larger three wave move develop tomorrow.
I will just have to wait and see on that front.

Tomorrow;
The wave (i) low lies at 1.0925,
if that low is broken with a sharp move lower early tomorrow,
That will suggest wave (iii) down has begun.

1.1147 must hold again.

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GBPUSD

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GBPUSD 1hr.

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Cable is taking its time tracing out the top of wave [iv]these days.
The price action has gone into lockdown also.

The decline into Mondays low completed only three waves,
this action indicates a low in wave ‘iv’ at 1.2239.
If wave ‘iv’ is complete,
then the rally into todays highs is part of wave ‘v’.
Once we create a new high above 1.2486.
that will complete wave (c) and the larger wave [iv].

Tomorrow;
watch for wave (c) to complete with one last high above 1.2486.
When the price returns below 1.2239 again,
that will signal wave (i) of [v] has begun.

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USDJPY.

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USDJPY 1hr.

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USDJPY fell in three waves off the overnight high today.
This should complete wave (b) of [b] very soon,
and then wave (c) is expected to rally back up to 109.00 again
and this will complete a three wave correction in wave [b] green.

There is an outside chance that todays high is in fact wave [b] already in place.
If the price accelerates below 107.00 tomorrow,
then I will have to accept that wave [c] of ‘A’ has taken over.
Wave ‘a’ should fall into the 105.00 handle again either way.

Tomorrow;
Watch for wave (c) of [b] to complete with one more rise into the 109.00 level.
I will then be looking for a drop into wave [c] to begin.

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DOW JONES.

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DOW 1hr.

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The action in stocks is a little messy these days,
but that is to be expected when we are moving within a large ‘B’ wave.
Todays high is still viewed as wave [b] of that larger three wave correction wave ‘B’.
And in that scenario,
we should see another drop in wave [c] to complete the larger structure.
I have shown a developing trend channel for wave ‘B’.
this suggests wave [c] will fall into the lower trend channel line again at about 20600 to complete.
Although the minimum target for wave [c] lies at 20960,
this is the low of the previous wave [a].

Wave ‘B’ might take the rest of the week to complete at this pace,
but once it is complete,
I will be looking higher again in wave ‘C’ of (B).

Tomorrow;
Watch for wave [c] to begin a push lower in five waves
towards the minimum target at 20960.

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GOLD

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GOLD 1hr.

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Gold broke out of the larger wave (iv) triangle idea this evening after dropping back below 1590 again.
I have reverted to the previous count again.
This views the action in wave (iv) as a combination wave.
With three down in ‘a’,
a triangle in wave ‘b’ and now a possible three wave drop in wave ‘c’ to complete the pattern.
It looks like wave ‘c’ of (iv) is now nearing an end this evening.
so we should see an end to wave ‘c’ tomorrow and maybe even the beginnings of wave (v) before the end of the session.

Tomorrow;
This correction should end soon and wave (v) begin.
Wave (iv) should hold above 1553 on the lower end.
A break above 1617 again at the wave ‘b’ high,
will signal wave (v) has begun.

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CRUDE OIL.

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CRUDE OIL 1hr.

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I am looking at the possibility for a bigger pattern developing in wave [v] tonight.
Wave (i) of [v] fell in five waves out of the triangle which completed last week.
Then wave (ii) topped out after a three wave expanded flat correction at todays high.
If this count holds up,
then we should see a drop in wave (iii) over the next few days into about 19.00.

Tomorrow;
Wave (ii) made a high at 23.37 today.
That level must hold as wave (iii) develops.
Watch for a break to a new low below 20.50 a wave (iii) gets underway.

The high at wave [iv] must continue to hold at 25.43.
A break of that level will signal wave ‘4’ has already begun.

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S&P 500.

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S&P 500 1hr

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The S&P is falling this evening as we near the closing bell.
The price reached a double top this morning with the previous wave ‘A’ high at 2646.
Also the rally into the high is in three waves, which suggests a corrective rally.

So, as it stands,
Wave [b] should now be done at todays highs.
And wave [c] should continue lower for the next few days.

The minimum target for wave [c] lies at the wave [a] low of 2460.
the lower target is set at the previous fourth wave level at 2411.
This gives us a nice target area to look for a low in wave [c].

I expect we should see an end to wave [c] and ‘B’ by the end of the week.

Tomorrow;
watch for wave [b] to hold at todays highs.
A break of 2500 should confirm wave [c] is underway.

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SILVER.

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SILVER 1hr

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Silver is moving in a very tight range for the last few days.
This action still looks very corrective to the downside.
so I am sticking with the idea of a wave (iv) correction now underway.
A rally back above 14.68 again will signal wave (v) is in force.

Tomorrow;
Wave (iv) must hold above 13.04.
Watch for a push higher to begin tomorrow to complete the correction in wave ‘4’ red as shown.

I will begin to look for a decline in wave ‘5’ red later in the week if all goes to plan.

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