Good evening folks, shalom to you all tonight and welcome back into a new week.

here we go.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

My hunch that wave (b) would complete as a running flat turned up trumps today!

the price fell in a very sharp fashion right outta the gate today.
The price did reach the minimum target for wave (c) at 1.1737,
but I would like to see the price drop even further in five waves in wave (c) towards the lower trend channel line over the coming days.

Tomorrow;
Watch for wave ‘ii’ of (c) to correct up to about 1.18 or so in three waves.
Wave ‘iii’ down should continue lower again later in the week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am switching the short term count this evening to show a larger flat correction wave [b] underway.
The drop off last weeks highs is in three waves so far.
And the fact that the price has halted above the previous wave [a] low this evening adds weight to the idea that this is just a corrective drop in a larger three wave move.

Tomorrow;
Wave (b) must complete soon.
A rise back above 1.2863 again will signal wave (c) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Well the USD aint dead yet!

Todays spike higher has not proved the end of wave (E) just yet,
but its a pretty strong hint of things to come.

The move off the low is very impulsive and is close to completing a five wave move higher.
If we see a corrective higher low develop this week in wave (ii),
then we will have cause for a more bullish stance.

Tomorrow;
watch for wave to push back above 105.00 again to signal wave (i) is complete.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The dow fell pretty sharply today in line with a third of a third wave as suggested by the short term count.
It is possible that wave (iii) still has room to fall going by the internal pattern also.
So we could see another early spike lower tomorrow to complete wave (iii) down
before any correction higher into wave (iv) begins.

I want to see wave [iii] continue lower over the next few sessions.
And trace out a clear five wave pattern.
The minimum target lies at 26000.
This is where wave [iii] will reach equality with wave [i].

Tomorrow;
Watch for wave (iii) to complete with another subwave decline into about 26500.
This week should be dominated by the downside overall.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is recovering some of the losses this evening after a pretty brutal selloff.
The short term count is really starting to fill out now,
with todays action labelled wave ‘iii’ of (iii) of [c].
This count suggests more downside is ahead after a brief corrective recovery in wave ‘iv’ tomorrow.
I would like to see wave (iii) break the low of wave [a] at 1861.

Tomorrow;
watch for wave (iii) to continue lower and complete five waves down over the coming days.
the low of wave (i) should hold at 1932.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude came down pretty hard today also.
This move is regarded as wave ‘iii’ of (i) on the short term chart.

The recovery tonight is viewed as wave ‘iv’ so far,
so I expect wave (i) should return lower again tomorrow.

Tomorrow;
Wave (i) has not completed five waves down just yet so wave ‘v’ of (i) has the potential to push below the 38.00 handle again.
A break of 37.30 again will signal wave (iii) is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

It is hard to know if wave ‘iii’ is now done at the session low,
or if the correction higher this evening is just a minor subwave within wave ‘iii’.
I will have to wait and see no that front.

Overall the wave count is still calling for further declines to take over again soon
and carry wave (iii) down towards the 3150 area to complete.
The larger wave [iii] green should hit the 3137 handle at a minimum before the end of this week.

Tomorrow;
watch for wave (iii) to complete with at least one more drop below 3230 at todays lows.
I would like to see the price hold below the wave [i] low at 3296 for the rest of the week.
A break above that level will force a rethink of the short term count.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver fell sharply today also towards the wave (A) lows as called for by the count.

This action now confirms the idea of a larger three wave correction in wave [2].
And wave (C) of [2] should continue down towards the 21.00 area over the next week or so.

Again it is hard to know if wave [iii] is complete at the session lows or if there is more left in this wave.
Any early declines tomorrow will signal wave [iii] is still in force.

Tomorrow;
watch for wave [iii] to complete by tomorrow evening,
possibly with a break of 23.33.

Wave [iv] should hold below 25.80 at resistance.