Good evening everyone.

As a back up to the idea that the volumes have collapsed lately.

Here we go.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We seem to have a five wave move lower off this weeks high now in place.
I am calling this wave (a) of [a] to begin a larger three wave move lower in wave ‘A’.
Wave ‘A’ can also take a five wave form,
but for the moment the minimum to expect is three waves down over the next week or so.

Tomorrow;
Watch for wave (b) of [a] to create a corrective lower high below 1.1966.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable rallied hard today to finish the session at a lower high below 1.3266.
The rally was in three waves so far,
so this suggests a corrective retracement in wave ‘b’ of (a).
The price must now hold below 1.3266 and head lower again to break 1.30 and complete wave (a) down.

Tomorrow;
watch for wave ‘c’ of (a) to push lower again in five waves.
The overnight session should carry the price immediately lower.

USDJPY.

USDJPY 1hr.

USDJPY 1hr.

USDJPY daily.

The rally in USDJPY did not continue higher today as I suspected is would.
the price instead reversed in a corrective manner throughout the session.
This action raises the possibility that the move off the low is only wave ‘i’ of (i),
and we have a further rally in wave ‘iii’ ahead tomorrow.
We should know soon enough how true this is.

Tomorrow;
The low at 105.09 must now hold at wave [ii] green.
And the price must head higher again to break 106.21 again to confirm either wave ‘iii’ or wave (iii) has begun.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW approached the lows of the trend channel in the futures this morning
but the trade throughout the day has been higher off that level.
This action suggests that wave ‘iv’ is now complete and wave ‘v’ of (c) is now underway.
The minimum target for wave ‘v’ of (c) lies at the previous wave ‘iii’ high at 28150.
That will complete five waves up in wave (c) and then we can look lower again to begin wave (C).

Tomorrow;
wave ‘v’ has not developed impulsively just yet,
so there is still a little doubt in this scenario.
I am allowing for this move to accelerate early tomorrow and hit that minimum target.
If the price does not make it above 27919 and instead falls again,
then we may be dealing with something a little more sinister here.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has traced out a three wave sideways correction so far today.
I am labeling this as wave (ii) of [c] of ‘A’.
Wave (ii) may have more upside left in it yet but this correction higher should finish by tomorrow evening ideally.
The upper limit lies at the previous wave [b] high at 2013.

Wave (iii) down should come in early next week and then carry the price down towards 1861.
This is the minimum target for wave [c] of ‘A’,
but I suspect that wave ‘A’ will reach into the lower trend channel to complete.

Tomorrow;
watch for wave (ii) of [c] to complete by tomorrow evening.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is fast running out of time and energy to make that new high in wave (c)!
The market spiked lower this morning in a freak move which broke out of the previous triangle wave (b).
This bounce off the low should begin wave (c),
and wave (c) should break 43.56 again to complete.

This rally is old, dead in the water and just looking for a reason to turn lower again.
So I expect we will see a turn lower begin next week.

Tomorrow;
watch for wave (c) to make that new high and complete this ending diagonal for once and for all.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Stocks only go up as Dave Portnoy says!

After a nice impulsive spike lower yesterday to wet the appetite,
the S&P reversed course today and is pushing back to that all time high again.

We are not there yet,
so there is still a chance that we are creating that illusive bearish lower high in wave ‘ii’.
We will see soon enough on that front.
It is interesting that options expiry is tomorrow,
so that may be the reason why the price is gravitating back to par at the February highs again.

We do have an exceptionally low volume of activity in the market now also,
So these price moves have little buy in behind them.
This low volume high will be under pressure once normal business resumes in September that is for sure.

Tomorrow;
watch for the high to hold and wave ‘ii’ to complete and reverse lower again into wave ‘iii’.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The action in silver is messy off that wave (B) high.
But I am willing to give wave (C) the benefit of the doubt now!

The pattern today is a clear three wave corrective move sideways.
So wave (C) is still a possibility especially of we see a drop below support at 25.73 tomorrow.
That level is the key to confirming wave (C) is underway.

Tomorrow;
If wave (C) is now underway then we should see an acceleration lower begin soon.
watch for wave (C) down to turn lower again and break initial support.