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Hi every one, I’m going to keep it short and sweet tonight, so on with the show.

 

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EURUSD.

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EURUSD 1hr.

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EURUSD did move lower off Wednesdays high today,
so we got a stay of execution for this main bearish wave count now.

Todays move is far too small to confirm the move into wave (iii) yet though.
So the alternate count is still very much on my mind.

Tomorrow;
The first level of interest now is at 1.1217 where wave ‘b’ of (ii) completed.
A break of that level will favor the idea that wave (iii) down is underway.

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GBPUSD

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GBPUSD 1hr.

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The strange thing about the rally in cable this week,
is that it can be viewed as the final move higher in wave ‘E’
of a triangle that has taken 4 years to develop.

This is the idea behind the alternate count shown circled in red.

The main count still calls this mvoe higher wave [b] of ‘D’.
With one more move lower left to complete wave [c] of ‘D’.

Tomorrow;
wave [b] has reached the previous wave (ii) high now.
So watch for wave [c] down to begin with a drop back below 1.2438.

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USDJPY.

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USDJPY 1hr.

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It is strange to have two competing wave counts in play that are so equally matched in terms of the pattern.
As with the current setup in USDJPY.
The main count calls for a drop to develop in five waves in wave (iii).
This drop started today with a small five wave drop in wave ‘i’ of (iii).

The alternate count also fits with todays action,
as that five wave drop can be viewed as wave (c) of [ii].

Tomorrow;
Here is where it gets interesting.
If we see a rally above 107.78 again.
That will favor the bullish alternate.

Only a break of 106.07 will confirm the bearish count.
Watch for wave ‘iii’ fo (iii) to fall again tomorrow.

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DOW JONES.

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DOW 1hr.

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The Dow has managed an impulsive drop off a possible wave (ii) high formed on Wednesday evening.
There is a growing probability that wave (iii) down is now underway.
And todays drop is labelled wave ‘i’ of (iii).

Any further weakness tomorrow can be viewed as wave ‘iii’ of (iii).
And that wave (iii) decline should push the price back into below the 25000 level again.

Tomorrow;
Watch for the wave (ii) high to hold and wave ‘ii’ pink to form a smaller lower high before droping into wave ‘iii’ of (iii) again.

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GOLD

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GOLD 1hr.

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Todays sharp move lower is not ideal as I was expecting wave ‘v’ to manage one more high before turning.
It is still possible that we see a rally like that occur into the 1824 area.
But right now I am preparing for another corrective phase to begin in wave (iv).

Tomorrow;
Watch for wave ‘b’ of (iv) to push higher again to create a lower high.

I would like to see wave (iv) hold above 1789 over the coming days.

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CRUDE OIL.

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CRUDE OIL 1hr.

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Crude moved lower in a more impulsive fashion today which favors the main count again now.

Wave (i) of [iii] should trace out a five wave move down again,
and in that scenario,
todays drop is labelled wave ‘i’ of (i).

Tomorrow;
the price should hold below Wednesdays highs now,
and wave ‘ii’ of (i) should create a lower high before falling sharply in wave ‘iii’ of (i).

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S&P 500.

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S&P 500 1hr

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The S&P is hanging on by the skin of her teeth this evening.
The afternoon session rallied again and is now sitting at an even lower degree lower high in wave’ii’ pink.
This action should give way to a sharper decline in wave ‘iii’ of (iii).

Tomorrow;
The low of wave ‘i’ reached the previous fourth wave level and then turned up immediatley off that low.
This support at 3115 should be broken quite soon in wave ‘iii’ of (iii).

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SILVER.

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SILVER 1hr

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Silver should still be tracking higher in wave (iii) blue as shown.
Todays set back is viewed as wave ‘iv’ of (iii).
I have shown a large three wave flat as a possibility,
but it is also possible that wave ‘iv’ is complete at todays lows.
If that is the case.
then wave ‘v’ of (iii) should push higher again early next week.

Tomorrow;
The high of wave ‘i’ lies at 18.40.
This level must hold for this short term to remain valid.

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